We now have the G-20 leaders’ statement, including remarks on climate change. One of the specific measures agreed on during the summit is “to phase out and rationalize over the medium term inefficient fossil fuel subsidies while providing targeted support for the poorest”. Some other auxiliary measures include the enhanced transparency of energy markets data.

The issue of climate change financing is marked, but not considered in detail. A general recommendation is made to the World Bank and international development banks to make “contributions to financing the transition to a green economy”.

The leaders also pledged:

“We will spare no effort to reach agreement in Copenhagen through the United Nations Framework Convention on Climate Change (UNFCCC) negotiations”.

Given the volume of issues discussed during the G-20 summit this may not look like a big achievement. NGOs have called the summit results “disappointing”, citing a “crisis in leadership” and have specifically pointed fingers at Barack Obama and Angela Merkel.

Some analysts say that this G-20 move on climate change is crucial. Others think that the outcome of the summit is in line with suggestions in the joint statement of John Podesta, the head of the Center for American Progress, and Rajendra Pachauri, the chair of the UN's Intergovernmental Panel on Climate Change that recommends "to focus on a series of mini-agreements that could be reached at or before Copenhagen."

The suggestion for breaking up negotiations into “manageable chunks” is also supported by Michael Grubb, Chair of Climate Strategies - an international research network at the Cambridge University.

Meanwhile Swedish Prime Minister Fredrik Reinfeldt has suggested that G20 leaders may meet again in the coming months on climate change.