End energy subsidies by 2025, says Summers

Asking developing countries to take leadership position in curbing greenhouse gas emissions, Professor Lawrence H Summers, former US Secretary of Treasury, has called for ending energy subsidies by 2025.

"Not only should global economies end energy subsidies which encourage excessive use of energy, they should also agree on a common higher price for energy," Summers said while delivering the second K B Lall Memorial Lecture on "Global Warming and Global Finance" organised by the Indian Council for Research on International Economic Relations here today.

Holding that 75 per cent of the emission is taking place in the developing world, Summers said a solution should emerge from the developing countries through strong leadership.

"Developing countries need to initiate programme to preserve forests and change irrigation processes. Thought leadership should come from developing world, especially the largest players "" China and India."

"Industrial countries should behave more responsibly and developing countries should realise that they are central to the solution," Summers added.