"PITTSBURGH - The world's largest economies agreed on Friday to phase out subsidies for oil and other carbon dioxide-spewing fossil fuels in the "medium term" as part of efforts to combat global warming.

But Group of 20 leaders at a two-day summit meeting here did not advance discussions about financial aid for developing nations dealing with climate change, exacerbating concerns that U.N. talks to form a new climate pact are in peril.

Some $300 billion a year is spent worldwide to subsidize fuel prices, boosting demand in many nations by keeping prices artificially low and, thus, leading to more emissions."

Jeff Mason and Darren Ennis report for Reuters September 28, 2009. [2]

See Also:

"U.S. Fossil-Fuel Subsidies Twice That of Renewables" [3]