Countries should do away with subsidies for fossil fuels to help mitigate the impact of climate change, World Bank chief Jim Yong Kim today asserted, but felt removing them would be "politically difficult".

He says that while the mood this time at the summit is optimistic, there are still a lot of global issues that need to be resolved, adding that while the developing markets are growing, the pace of growth has come down.

Chinese currency renminbi is unlikely to supplant the US dollar as the world's reserve currency in the near term, former US Treasury Secretary Lawrence Summers said today.