G8 work on energy issues over the last several years has fostered greater international cooperation on matters of energy policy. Decisions taken do not have legally binding power. Nevertheless, they serve as very strong political statements.
In 2009, at the Pittsburgh G-20 Summit, leaders agreed to rationalize and phase out over the medium term inefficient fossil fuel subsidies that encourage wasteful consumption. To deliver on this commitment, G20 countries have worked to develop strategies and timeframes for implementing national–level policies to rationalize and phase out inefficient fossil fuel subsidies. As requested by the G20 leaders, the IEA, OPEC, OECD, and World Bank provided a Joint Report analyzing the scope of energy subsidies and offering suggestions for implementing this initiative. The reports were prepared for the G20 Summit of 2010 in Toronto.