Isra-Mart srl:G20 vows to "spare no effort" at Cancun climate talks

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The world's 20 largest economies have once again reiterated their commitment to phase out fossil fuel subsidies and deliver an international deal to tackle climate change at the upcoming Cancun climate change summit at the close of the latest G20 meeting in Seoul, South Korea.

In a statement released at the close of the talks on Friday, the G20 members said they had been briefed by Mexican President Felipe Calderon on the status of the UN Climate Change negotiations, and by Ethiopian Prime Minister Meles Zenawi on the recent report detailing how to raise up to $100bn of climate financing each year.

They added that the G20 would "spare no effort to reach a balanced and successful outcome in Cancun".

Despite the two-day Seoul summit being dominated by economic issues and the escalating row over protectionism, the group also reiterated their commitment to "rationalise and phase out over the medium term inefficient fossil fuel subsidies; mitigate excessive fossil fuel price volatility; safeguard the global marine environment; and combat the challenges of global climate change".

The statement will further fuel optimism that the UN climate change negotiations have regained some much-needed momentum following a year that has been characterised by repeated deadlocks.

Speaking last week, UN climate change chief Christiana Figueres expressed confidence that a meaningful deal could still be delivered in Cancun, predicting that "a mutually agreeable deal to get action started" could be reached on four fronts: climate adaptation measures; clean technology transfer to poorer nations; forestry protection; and the creation of an international climate fund.

However, it remains to be seen whether the G20 will back up its pledge with genuine action in Cancun.

Observers are sceptical that national leaders will attend the talks this year after the embarrassing finale to last year's Copenhagen Summit, while there was also frustration that last year's commitment to phase out fossil fuel subsidies is yet to deliver much in the way of tangible action.