FOR IMMEDIATE RELEASE | G20 leaked doc: leaders plan to water down oil subsidy stance

FOR IMMEDIATE RELEASE

June 23rd, 2010

G20 leaked doc: leaders plan to water down oil subsidy stance

A leaked document obtained by ClimateWire suggests that Harper, Obama and other world leaders are poised to water down a commitment to phase out oil and gas

subsidies at the G20 meetings in Toronto this weekend. This comes at the same time that international pressure mounts in light of the BP oil disaster.

leakg20.pdf

The Document text:

Preamble, Context and Decisions – June 11, 2010

In Toronto, we held our first Summit of the G20 in its new capacity as our

premier forum for international economic cooperation. We are committed to

ensuring the G20 remains effective and relevant in this role.

We reviewed our progress in addressing the global economic crisis, and we

agreed on next steps to ensure a full return to growth and jobs, and to create

strong, sustainable and balanced global growth.

Our efforts to date have borne good results. Fiscal and monetary stimulus has

helped restore private demand and lending, and we have taken strong steps

toward increasing the stability of our financial systems. Increased resources

for international financial institutions have helped address the impact of the

crisis on the world’s most vulnerable, and ongoing governance and

management reforms will enhance the effectiveness and relevance of these

institutions. We have successfully maintained our strong commitment to resist

protectionism.

But there is no room for complacency. While growth is returning in many

countries, the recovery is uneven and fragile, and unemployment remains at

unacceptable levels. We recognize the important progress made since our

last meeting in Pittsburgh, but we also agree that much work remains. In

particular, emerging fiscal challenges in many states are creating market

volatility, and could seriously threaten the recovery and weaken prospects for

long-term growth. Further actions are still required to address the underlying

causes of the global financial crisis and promote more responsible and

transparent banking sectors.

Today, in Toronto, we have decided to take the following actions:

[Note: decisions to be determined through the
Declaration process]

We are determined to be accountable for the commitments we have made,

and will instruct our Ministers and officials to take all necessary steps to

implement them fully within agreed timelines.

Fighting Protectionism and Promoting Trade and Investment – June 11,

2010

While the global economic crisis led to the sharpest decline of trade in more

than seventy years, G20 countries chose not to repeat mistakes of the past

and yield to the temptation to close our doors to the global economy. Instead,

we chose open markets and the opportunities they offer. It was the right

choice. Trade volumes are now increasing and are playing a lead role in

driving the recovery. We ensured the availability of over $250 billion in trade

financing, which can be used by importers and exporters to keep trade

flowing. We succeeded in meeting 2010 Aid for Trade targets established in

2005 at the Hong Kong Ministerial, and will support continued efforts to

promote capacity building.

We renew for a further three years, until the end of 2013, our commitment to

refrain from raising new barriers to investment or trade in goods and services,

implementing World Trade Organization (WTO)-inconsistent measures to

stimulate exports, or imposing new export restrictions or other barriers.

Where any protectionist measures have been enacted in the context of the

economic crisis, we agree that these should be lifted.

Open markets play a pivotal role in supporting growth and job creation, and in

achieving our goals under the G20 Framework for Strong, Sustainable and

Balanced Growth. In this respect, bringing the WTO Doha Development

Round to a successful conclusion as soon as possible is more important than

ever. We acknowledge the important progress that has been made and the

clear commitment by WTO members in March 2010 in Geneva to conclude

the Round. Each of us is ready to make contributions, and we pledge to

empower fully our negotiators to undertake the give -and-take necessary to

move into endgame negotiations, using all negotiating configurations. We

instruct our Trade Ministers to prepare a full assessment of the state of the

negotiations and a plan of the way forward for our consideration at the Seoul

G20 summit in November of this year.

In the meanwhile, we will continue to seek out other opportunities to liberalize

further trade and investment.

Other Issues and Forward Agenda – June 11, 2010

Corruption threatens the integrity of markets, undermines fair competition,

distorts resource allocation, destroys public trust, and undermines the rule of

law. We welcome the progress made since our last meeting in Pittsburgh to

address corruption, including the work of the Financial Action Task Force

(FATF). We commit to the ratification and full implementation of the United

Nations Convention Against Corruption (UNCAC) by our c ountries and

encourage others to do the same. We reiterate the need for further progress

on an UNCAC implementation review mechanism that is effective, transparent

and inclusive. We agree to establish an ad-hoc Working Group of experts to

discuss areas where the G20 could make a useful contribution to anticorruption

efforts, for consideration at our next meeting. Areas of work should

include […..]

We reiterate our commitment to a green recovery and to sustainable global

growth, including through investments in clean energy. We reaffirm our

resolve to address climate change and to continue to engage constructively in

the negotiations under the United Nations Framework Convention on Climate

Change towards a post-2012 climate change regime with the participation of

all major economies. We thank Mexico for undertaking to host the sixteenth

Conference of the Parties (COP 16) in Cancun from November 29 to

December 10, 2010.

We reviewed progress made to date in identifying inefficient fossil fuel

subsidies that encourage wasteful consumption and we agree to continue

working to develop voluntary, member-specific approaches for the

rationalization and phase out of such measures.

We recognize that 2010 marks an important year for development issues. The

September 2010 Millennium Development Goals (MDG) High Level Plenary

Meeting will be crucial in setting the global development agenda and efforts to

achieve the MDGs by 2015. Narrowing the development gap and reducing

poverty are integral to our broader objective of achieving strong, sustainable

and balanced growth and ensuring a more robust and resilient global

economy for all. We agree to establish an ad-hoc Working Group on

Development and mandate it to elaborate action plans for the development

agenda to be adopted d at the Seoul Summit.

We will meet next in Seoul, Korea, on November 11-12, 2010. We will

convene in November 2011 under the Chairmanship of France.

~ by Cory Morningstar on June 23, 2010.

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