September 25, 2009
For immediate release
What's in the final communiqué
· Fossil fuel subsidies: the final draft takes into account the needs of the poorest & targets international financial institutions and not just country subsidies. The G20 leaves countries themselves to decide how to phase out their subsidies.
· Climate finance: overarching agreement that green growth is good and that finance needs to be coordinated with development aid. Mention made of urgency to take substantial action & delivery of finance should use existing multi-lateral and bi-lateral institutions. Broad agreement that carbon markets need reform & the importance of leveraging private sector investment. November G20 meetings tasked with reporting back on "range of options" regarding climate financing, which will feed into UNFCCC at Copenhagen.
What's NOT in the final communiqué
· Climate finance: no numbers on the table & no preference on how the funds will be generated. Nothing on financing being in addition to existing aid pledges. No stress on importance of UN governing the funds.
Liz Gallagher, CAFOD's head of climate finance policy, said: "Leaders came here to decide, but all we've seen is delay. Whilst phasing out fossil fuel subsidies is a goodwill gesture it will not compensate the poorest who are suffering now as a result of climate change.
"The green new shoots that sprouted in New York are now facing a drought of political will.
"Millions will be affected if the rich nations of the G20 don't unite on climate finance. What we need is a global Marshall Plan for the 21st century, and all we've got is a meeting with the accountant."
Notes to editors
For interviews & briefing with CAFOD:
At the G20: Head of Climate Finance Policy Liz Gallagher +44 7920 235 974
For further media info contact Pascale Palmer at the G20: +44 7785 950 585
[ Any views expressed in this article are those of the writer and not of Reuters. ]
The sun sets above a cement factory in Sai Son village, outside Hanoi September 23, 2009. World leaders tried to inject momentum into climate change talks on Tuesday but new proposals ...
