G20 Summit in Toronto Ends with Mixed Results
Leaders of the world’slargest economies did manage to adopt new rules that will force banks to hold significantly more capital. However, countries unable to meet theoriginal deadline of late 2012 will now have flexibility based on theirown circumstances. The group also excluded Japan from a plan to cutnational deficits in half by 2013, after Japanese leaders argued theywould not be able to meet that target.
The communiqué releasedat the end of the talks made references to a green recovery andreiterated the pledge made at the last G20 summit in Pittsburgh to phase out "inefficient fossil fuel subsidies that encourage wastefulconsumption".It added that the G20 would focus on continuedimplementation of country-specific strategies to phase out orrationalize subsidies. These statements reflect a disappointing lack offollow-through on the already vague promises of previous proclamations.
The highlight of the summit would have be India’s announcement that it will phase-out subsidies on petrol and review subsidies on diesel and otherfossil fuels. The most unhelpful country at the G20 would have to be the host nation. Canada consistently ignored calls from world leaders toallocate time for meaningful discussion of climate change.
It ishard not to feel that the Toronto G20 missed another great opportunityto advance the fight against climate change. In the past the G20 aimedtoo high and promised too much, at the Toronto 2010 summit the G20 aimed too low and promised too little.
Richard Matthews is a consultant, sustainable investor, writer and owner of The Green Market Oracle, a leading sustainable business blog that covers the convergence of sustainable capitalism and the global environment.The Green Market is one of the most comprehensive resources for information and tools on sustainability. Follow The Green Market's twitter feed and see the Facebook Fan Page. Richard is a contributor to more than 50 publications. Find him on Facebook and Linkedin.
- America’s Problem with Solar
- PV @ $0.37 per watt in 2017?
- Fuel Cells in Outer Space!
- Electric Vehicle Wireless Charging is Here
- New York City Gets 25 Solar Streetchargers
- Will Electric Racers dominate at Pikes Peak?
- Improving Solar Cells with Quantum-Dot Microscopy
- Reduce Your Global Footprint and Energy Consumption
- Solar on Breweries Across the U.S
- How Green Windows Provide Energy Efficiency
- Solar + Cloud Computing: Google’s Project Loon
- Wood as a Green Material
- In Focus: Green Engineering Advancements
- The Electric Vehicle Market in 10 Years
- Panasonic: 100M Li-Ion Tesla Batteries Ship This Month
- In Focus: India’s Energy Ties with Iran
- New Renewable Energy Projects Approved by Obama Adminstration
- The Solar Robots are Coming!