The G20 Summit pledged to triple global renewable energy power generation by 2030
According to media reports, the Group of 20 (G20) countries, which account for 85% of global GDP and 80% of carbon emissions, recently announced at the G20 Summit that they plan to accelerate the reduction of coal-fired power generation, taking into account the unique circumstances of each country. However, there is no commitment to completely phase out polluting fossil fuels, including oil and gas.
In a declaration issued after the G20 summit in New Delhi, India, the member states reaffirmed their commitment to tripling the world’s installed renewable energy capacity by 2030 and claimed to fulfill the 2009 commitment in Pittsburgh. Commitment to eliminate and simplify fossil fuel subsidies.
The statement from the G20 leaders cited the recent Intergovernmental Panel on Climate Change (IPCC) Sixth Assessment Report, which stressed the need to peak global greenhouse gas emissions between 2020 and 2025 in line with the The global temperature rise targets of the Paris Agreement. It is acknowledged, however, that individual countries may have different timelines for reaching peak emissions, based on sustainable development, poverty eradication, equity and national circumstances.
The G20 recognizes the urgency of global climate and emphasizes the need to rapidly and significantly reduce global greenhouse gas emissions by 43% by 2030 based on 2019 levels to control global warming within 1.5 degrees Celsius. However, they expressed concern that current efforts are still insufficient to achieve the goals of the Paris Agreement.
To support developing countries’ climate plans, the G20 has called for $5.9 trillion in funding by 2030. Furthermore, they estimate that annual global investment in developing clean energy will require approximately $4 trillion by 2030 to achieve net-zero emissions targets by 2050. Leaders are urging a significant increase in climate funding from billions of dollars to trillions of dollars.
The G20 also called on developed countries to fulfill their commitment to double the amount of collective adaptation finance by 2025 from the 2019 level. They stressed the importance of aligning financial flows with climate goals while scaling up finance, capacity building and technology transfer, with a focus on the needs of developing countries.
The report notes that there are significant regional differences in the trend of declining photovoltaic system costs. The cost of installed photovoltaic systems has fallen significantly in the Americas and the Middle East, while inflation in Asia and Europe has hindered the decline in installation costs.
Under the commitment reached in 2009, developed countries in the G20 plan to raise US$100 billion in climate finance annually by 2025 and will achieve this goal by 2023. The group also proposed ambitious, transparent and trackable collective quantified targets (NCQGs) for climate finance by 2024, providing at least $100 billion per year.
The G20 stressed the urgency of advancing clean energy technologies and transitioning to low-emission energy systems. They pledge to phase out inefficient fossil fuel subsidies, promote clean energy generation, and support a just energy transition. The declaration signals a strong focus on developing renewable energy, positioning it as a central pillar of global efforts to combat climate change.
Finally, the G20 Summit reiterated the importance of combating climate change and accelerating the transition to clean energy. While there is no commitment to completely phase out all fossil fuels, leaders have emphasized the need to increase installed renewable energy capacity and significantly reduce greenhouse gas emissions. The G20 also called for substantial financial support to developing countries and acknowledged the urgency of aligning financial flows with climate goals.