G20 Press Conference
Today's G20 meeting includes consideration of a commitment made at the previous G20, in Pittsburgh, to phase out fossil fuel subsidies over the medium term. The Pittsburgh G20 tasked countries with preparing implementation plans and timelines to phase out their fossil fuel subsidies for consideration at the Toronto Summit. The OECD estimated recently that subsidies to the companies producing oil, gas and coal are worth approximately US$100 billion a year.
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