"G-20 Leaders Progress Toward Fossil Fuel Subsidy Phase-Out"

"SEOUL -- At the Seoul G-20 Summit [Friday], leaders of the world's 19 most industrialized nations and the EU said they have made 'substantial progress' toward phasing out fossil fuel subsidies in the 14 months since their decision to do so at last year's G-20 Summit in Pittsburgh, Pennsylvania.

The G-20 leaders re-affirmed their commitment to phase out fossil fuel subsidies in the medium term, by about 2020.

The United States will do its part. President Barack Obama said he is committed to working with Congress to phase out over $3 billion a year in preferential tax incentives for the coal, oil, and gas industries, consistent with his administration's FY2010 and FY2011 budget proposals."

Environment News Service had the story November 12, 2010.

Source: ENS, 11/15/2010