G20 leaders go for growth as Tony Abbott defends coal amid climate debate Obama happy for Brisbane after US politics US President Barack Obama, stinging from his midterm election defeat back in the States, was happy to tear into his host, Prime Minister Tony Abbott, for not doing more to stop "longer droughts, more wildfires" and not protecting the Barrier Reef. PT2M53S http://www.brisbanetimes.com.au/action/externalEmbeddedPlayer?id=d-3kgal 620 349 November 16, 2014 - 11:45AM Prime Minister Tony Abbott has hailed the G20 summit in Brisbane as a "weekend of achievement" that had the Group of 20 "shift a gear" from being responsive to proactive to world events. World leaders pledged to lift their combined economic growth by 2.1 per cent - a measure the International Monetary Fund and OECD said would add more than US$2 trillion and "millions of jobs" to the global economy. "Harmonious" discussions: Prime Minister Tony Abbott at the G20. "People right around the world are going to be better off and that's what its all about," he told reporters attending the summit. He said under Australia's leadership, the G20 had set forth "bold plans" but crucially "strong execution." "I believe that the G20 this weekend has shifted a gear from responding to events to setting an agenda for growth," he said. US President Barack Obama at the final press conference. But Mr Abbott fielded several questions on the issue Australia did not rate as the top priority - climate change - after United States President Barack Obama's forceful speech on the issue on the sidelines of the summit. Mr Abbott played down media reports of tense negotiations behind closed doors that said the Australian leader clashed with President Obama on fossil fuels and saw the host nation and Saudi Arabia overruled and a strongly worded passage on climate change included in the final communiqué. Mr Abbott issued another impassioned defence of coal and said it was vital for delivering energy to the 1.3 billion people who have no access to energy. G20 nations pledge to 2.1 per cent economic growth by 2018. G20 supports strong and effective action on climate change and a legally binding agreement in Paris, 2015. G20 nations to start sharing tax information to crack down on companies profit-shifting. G20 establishes infrastructure hub to aid private investors Early departure: Vladimir Putin heads back to Russia. We support strong and effective action to address climate change. Consistent with the United Nations," the communique said. World leaders promised to work together towards achieving a legally binding global climate change agreement in Paris in 2015. The communique also supported "mobilising finance" for the Green Climate Fund, towards which the United States has committed $3 billion. Mr Abbott did not commit Australia to any support and said "we are going to approach this in our own way,obviously," he said. Mr Abbott said Australia had included climate change and energy efficiency in the communique "from the very beginning" and described the discussions as "harmonious" and "very constructive and collegial." "A fifth of the globe don't have access to electricity, we've got to give them access to electricity and coal is going to be an important part of that for decades to come," he said. Mr Abbott said even under the climate pact struck between China and the United States, "80 per cent of China's power needs in 2030 will be provided by coal." Australia's Treasurer Joe Hockey and Foreign Minister Julie Bishop questioned President Obama's ability to see through the carbon reduction promises on Sunday but Mr Obama told reporters in Brisbane the goals could set achieved through regulations and without congressional approval. Mr Abbott said "concrete and practical steps" aimed at stamping out profit shifting would help developing nations most and help governments fund new infrastructure. The communiqué commits the G20 to updating international tax rules by 2015 including "transparency of taxpayer-specific rulings found to constitute harmful tax practices." To prevent cross-border tax evasion, we endorse the global Common Reporting Standard for the automatic exchange of tax information (AEOI) on a reciprocal basis," the communiqué said. Mr Abbott said automatic information swapping between countries would "start now and build up over the next couple of years." "Big business must pay its fair share of tax and it must pay its fair share of tax in the jurisdictions where it earns the profits," he said. As foreshadowed, the G20 leaders agreed to "improve the functioning of gas markets" in a move that could pave the way for a new global body to govern the supply and affordability of energy supply between countries. "Energy is now, I'm pleased to say is at the heart of the G20 agenda," the prime minister declared. Mr Abbott thanked the people of Brisbane for hosting the G20, which he said, was an "honour" but also an "inconvenience." Turkey hosts the G20 summit in 2015 and China has been announced as the host in 2016.