The Group of 20 will discuss phasing out fossil fuel subsidies at its meeting tomorrow, in a move that will delight the low-carbon energy sector, which has long complained of the distorting effects of such assistance.
Barack Obama, president of the US, has asked Susilo Bambang Yudhoyono, Indonesia's president, to give a presentation to world leaders in Pittsburgh on how to reduce fuel subsidies while still targeting cash transfers to the poor.
Mike Froman, the White House “sherpa” for the G20 summit, said the US proposal to eliminate the subsidies would reduce fossil fuel emissions by 12 per cent. The biggest developing economies spend $310bn a year in such subsidies, according to the International Energy Agency.
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