The G20 nations, accounting for 85% of global GDP and 80% of emissions, announced on Saturday their intention to accelerate efforts to reduce the use of unabated coal power, considering each country’s unique circumstances. However, they did not commit to a complete phase-out of polluting fossil fuels, including oil and gas.
In a declaration following the G20 Summit held in New Delhi, the member countries affirmed their dedication to tripling global renewable energy capacity by 2030. They also vowed to uphold their 2009 commitment made in Pittsburgh to eliminate and streamline inefficient fossil fuel subsidies.
The leaders’ statement referenced the recent Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report, highlighting the necessity of achieving the peak of global greenhouse gas emissions between 2020 and no later than 2025 to align with the Paris Agreement’s temperature targets. Nevertheless, it acknowledged that individual countries might have different timelines for reaching emissions peaks based on sustainable development, poverty eradication, equity, and national circumstances.
Recognizing the urgency, the G20 emphasized the need for rapid and substantial reductions in global greenhouse gas emissions—43% by 2030 compared to 2019 levels—to limit global warming to 1.5 degrees Celsius. However, they expressed concern that current efforts remain insufficient to meet the objectives of the Paris Agreement.
To support developing nations in their climate plans, the G20 called for $5.9 trillion in funding before 2030. Additionally, they estimated that approximately $4 trillion annually would be required for clean energy technologies by 2030 to achieve net-zero emissions by 2050. The leaders urged a significant increase in climate finance from billions to trillions of dollars from all sources.
The G20 also called on developed countries to fulfill their commitment to double collective adaptation finance provision by 2025 compared to 2019 levels. They stressed the importance of aligning financial flows with climate goals while expanding finance, capacity-building, and technology transfer, with a focus on the needs of developing nations.
In line with their 2009 pledge, the developed G20 countries aim to mobilize $100 billion in climate finance annually by 2025, with the possibility of achieving this goal in 2023. The group also proposed ambitious, transparent, and trackable New Collective Quantified Goals (NCQG) for climate finance by 2024, starting at a minimum of $100 billion annually.
The G20 underscored the urgency of advancing clean energy technologies and transitioning to low-emission energy systems. They pledged to phase out inefficient fossil fuel subsidies, promote clean power generation, and support just transitions. The declaration marks a significant emphasis on renewable energy, positioning it as a central pillar in global efforts to combat climate change.
In conclusion, the G20 Summit in New Delhi reaffirmed the importance of addressing climate change and accelerating the transition to cleaner energy sources. While it fell short of committing to a complete phase-out of all fossil fuels, the leaders emphasized the need to ramp up renewable energy capacity and reduce greenhouse gas emissions significantly. The G20 called for substantial financial support to developing nations and acknowledged the urgency of aligning financial flows with climate objectives.
