Pittsburgh, Pennsylvania - World leaders have agreed to phase out 300 billion dollars worth of fossil-fuel subsidies as part of a plan to reduce global warming, US President Barack Obama announced Friday at the conclusion of the Group of 20 summit. Obama said the plan is designed to help move away from polluting sources of energy and bring the world into the "21st-century energy economy."
"This reform will increase our energy security. It will help transform our economy so that we are creating the clean-energy jobs of the future," Obama said. "And it will help us combat the threat posed by climate change."
"All nations have a responsibility to meet this challenge, and together we have taken a substantial step forward in meeting that responsibility," Obama said.
A declaration issued at the end of the summit said the plan targets "inefficient" fossil fuels that encourage wasteful consumption.
