This report discusses the background of the G-20 (an international forum for discussing and coordinating economic policies) and some of the issues that it has addressed. It includes historic background on the work of the G-20, information about how the group operates, overviews of G-20 summits, major issues that the group is likely to address and the likely effectiveness of the G-20 in the near future. The members of the G-20 include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States, and the European Union.

The European Union (EU), comprised of 15 member states (countries), is one of the United States’ chief agricultural trading partners and also a major competitor in world markets. Both heavily support their agricultural sectors, with a large share of such support concentrated on wheat, feed grains, cotton, oilseeds, sugar, dairy, and tobacco. However, the EU provides more extensive support to a broader range of farm and food products. According to the Organization for Economic Cooperation and Development (OECD), the EU and United States in 2001 together accounted for nearly two-thirds of all government support to agriculture among the major developed economies. However, EU agricultural spending generally is much higher than in the United States. Information comparing how the U.S. and EU governments support their producers is expected to be of interest to policymakers while negotiations are underway among world trading partners to further reform agricultural trade.

The European Union’s (EU’s) Emissions Trading System (ETS) is a cornerstone of the EU’s efforts to meet its obligation under the Kyoto Protocol. It covers more than 11,500 energy intensive facilities across the 25 EU member countries, including oil refineries, power plants over 20 megawatts (MW) in capacity, coke ovens, and iron and steel plants, along with cement, glass, lime, brick, ceramics, and pulp and paper installations. Covered entities emit about 45% of the EU’s carbon dioxide emissions. The trading program does not cover emissions of non-CO2 greenhouse gases, which account for about 20% of the EU’s total greenhouse gas emissions. A final consideration for the ETS is its suitability for directing long-term investment toward a low-carbon future — the ultimate goal of any climate change program.