without burdening taxpayers. and we will tie executive pay to long term performance so that sound decisions are awarded, instead of short-term grief. in short, our financial system will be far more different and more secure than the one that failed so dramatically last year. third, we agreed to save up subsidies for fossil fuel so we can transition to a 21st century energy economy. the historic effort that would ultimately phase out nearly $300 billion in global subsidies. this reform will increase our energy security. it will help transform our economy so that we're creating the clean energy jobs of the future. and they will help us combat the threat posed by climate change. as i said earlier this week in new york, all nations have a responsibility to meet this challenge and together, we have taken a substantial step forward in meeting that responsibility.