The FINANCIAL -- DURBA -- December 6, 2011.The substantial environmental and economic benefits of reforming fossil fuel subsidies are being debated on the sidelines of the 17th Conference of the Parties to the United Nations Framework Convention on Climate Change in Durban, from Nona Pelletier.
In September 2009, the leaders of the Group of 20 countries agreed to phase out inefficient fossil fuel subsidies over the medium term. Asia-Pacific Economic Cooperation (APEC) governments made an almost identical pledge the same year. At an event on December 7, 2011, ministers from New Zealand, Costa Rica, Sweden, Switzerland and Finland, along with the International Institute for Sustainable Development’s Global Subsidies Initiative (GSI), will encourage G20 and APEC leaders to implement their political commitments to phase out inefficient fossil fuel subsidies as soon as possible, with maximum ambition and transparency
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