G20 Agrees on Gradual Phase-Out of Fossil Fuel Subsidies

[Photo by AFP Yonhap News]

[Asia Economy Reporter Park Byung-hee] The statement from the upcoming Group of Twenty (G20) summit, scheduled to be held in Rome, Italy on the 30th and 31st (local time), is expected to include content on the elimination of fossil fuel subsidies.

Major foreign media outlets, including Bloomberg News, obtained an 11-page draft of the summit statement and reported on the related contents on the 28th. The document contains discussions by G20 diplomats on the agenda items to be addressed at the G20 summit.

According to the draft statement, the leaders are expected to reaffirm their position that to prevent a climate catastrophe, the global average temperature rise must be limited to within 1.5℃ above pre-industrial levels.

To this end, they agreed to reduce global methane emissions by at least 30% compared to 2020 levels by 2030, and to phase out inefficient fossil fuel subsidies by 2025. Additionally, the draft joint statement reportedly includes a commitment to halt global financial support for newly constructed coal power plants by the end of next year.

The leaders also reaffirmed their commitment to fulfill the previous agreement to provide $100 billion annually (approximately 117 trillion KRW) to assist developing countries in responding to climate change.

The issue of climate change is considered one of the core agendas of this G20 summit.

The outcomes derived here are expected to be further detailed at the 26th United Nations Climate Change Conference of the Parties (COP26), which opens on the 31st of this month in Glasgow, United Kingdom.

The G20 accounts for 75 to 80% of global greenhouse gas emissions.

This content was produced with the assistance of AI translation services.