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Thursday, November 5, 2009

G20 ministers to talk recovery, climate change

Bolstering the world economic recovery and crafting a deal to fight climate change will be top of the agenda for G20 finance ministers meeting tomorrow in Scotland.Ministers plus central bankers from the 20 richest and fastest-emerging economies will hold their third get-together this year over two days in St Andrews, a seaside town known as the home of golf.

Now that countries like the US, Japan, Germany and France have emerged from recession after last year's global financial crisis, the G20's focus has switched from disaster management to building a secure economic future.World leaders at September's Pittsburgh G20 summit had agreed a new system to coordinate economic decision-making and encourage stable, long-term growth.

A key priority this weekend will be working out details of how this mutual assessment system will work, G20 officials said, speaking on condition of anonymity.Exit strategies from emergency measures put in place to fight the global slump will also be discussed.

But it is thought ministers are likely to echo the need to keep them in place until "a durable recovery is secured", as leaders said at Pittsburgh.The grouping will also have to turn its attention to climate finance ahead of December's key UN conference in Copenhagen which aims to seal a deal to replace the Kyoto Protocol, although hopes of an accord are fading.

G20 sources said discussions in Scotland would focus on how cash from rich countries to help developing nations tackle climate change should be delivered.European Union leaders agreed last week that developing nations will need 100 billion euros (150 billion dollars) annually by 2020, but failed to put a figure on Europe's own contribution.

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