The G20 summit, held in New Delhi, saw the adoption of a consensus declaration addressing various pressing issues facing the group, as announced by Prime Minister Narendra Modi. The declaration includes a significant focus on climate change and highlights key commitments and actions to address this global challenge.
Here are the top takeaways on climate change from the G20 Leaders’ Summit Declaration:
Phasedown of Unabated Coal Power: The declaration emphasizes the need to accelerate efforts to phasedown unabated coal power, aligning with each country’s specific circumstances.
Low-Cost Financing for Developing Countries: G20 members commit to working towards facilitating low-cost financing for developing countries to aid their transition to low-carbon and low-emission energy sources.
Triple Renewable Energy Capacity: G20 leaders express their intention to pursue and encourage efforts to triple global renewable energy capacity by 2030, in accordance with existing national targets and policies.
Scaling Up Sustainable Finance: The declaration reaffirms the commitment to take action to scale up sustainable finance, indicating the importance of financial support for green and sustainable projects.
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Increased Global Investments: G20 acknowledges the necessity for increased global investments to meet the climate goals outlined in the Paris Agreement.
Climate Finance: The declaration urges developed countries to fulfill their commitment to at least double their collective provision of adaptation finance from 2019 levels by 2025. This is in line with the objectives of the UNFCCC and the Paris Agreement.
Financial Requirements for Developing Countries: The declaration notes the requirement of $5.8-5.9 trillion in the pre-2030 period for developing countries, particularly to support the implementation of their emission reduction targets.
India played a prominent role in promoting clean energy during the G20 Summit. Prime Minister Modi announced the launch of a Global Biofuel Alliance, with the United States and Brazil as founding members. This alliance aims to accelerate efforts to achieve net-zero emissions targets by facilitating the trade of biofuels derived from various sources, including plant and animal waste.
India’s push for the Global Biofuel Alliance aligns with its broader commitment to sustainable energy and reducing carbon emissions. The country is advancing its efforts to increase the use of biofuels, aiming to become carbon neutral by 2070 and doubling nationwide ethanol blending in gasoline to 20% by 2025.
