Focus on fossil fuel subsidies for G20

4 June 2010

IEA Executive Director Nobuo Tanaka attended the G20 Finance Ministers and Central Governors Meeting on 4-5 June in Busan, Korea, to participate in the discussions on the implementation of the G20 Pittsburgh mandate to phase out inefficient fossil fuel subsidies.

This session considered a Joint Report prepared by the IEA, OECD, World Bank and OPEC that illustrates how the phase-out of fossil fuel subsidies would enhance energy efficiency, promote energy security, and play a major role in the fight against climate change. But phase-out policies in developing countries must be carefully designed so as not to restrict access to essential energy services.