G20 leaders endorse green climate fund

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The leaders of the G-20 group of major economies wrapped up their two-day annual meeting on Friday with promises to finance the fight against climate change through the Green Climate Fund, protect the marine environment from oil spills, and promote low-carbon development strategies.

President Barack Obama lines up with fellow G-20 leaders for a 'family portrait.' [The White House]

President Barack Obama lines up with fellow G-20 leaders for a "family portrait." [The White House]

World Bank Group President Robert Zoellick was hopeful but cautious, saying in Cannes, "The G-20 today presented an agenda to restore confidence in the global economy through its commitment to reinvigorate growth, create jobs, ensure financial stability, and make globalization more sustainable and inclusive. As with all summit declarations, the proof will be in the implementation."

The G-20 leaders stressed the importance of "well-functioning and transparent physical and financial energy markets, reduced excessive price volatility, improved energy efficiency and better access to clean technologies, to achieve strong growth that is both sustainable and inclusive."

President Barack Obama said Friday, "We agreed to keep phasing out fossil fuel subsidies - perhaps the single most important step we can take in the near term to fight climate change and create clean energy economies."

The leaders decided to take further action to protect the marine environment, "in particular to prevent accidents related to offshore oil and gas exploration and development, as well as marine transportation, and to deal with their consequences."

The G-20 has established a mechanism to share best practices and information on legal frameworks, experiences in preventing and managing accidents and disasters relating to offshore oil and gas drilling, production and maritime transportation.


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