NEW DELHI (AP) — In a significant move, leaders of the Group of 20 (G20) nations agreed on Saturday to triple renewable energy usage and increase funding for climate change-related disasters. However, they made no changes to their plans for phasing out coal, the main source of carbon emissions.
Amitabh Kant, a senior Indian government official leading the G20 negotiations, hailed the agreement as “the most vibrant, dynamic, and ambitious document on climate action.” However, while experts in climate and energy were not as enthusiastic, they acknowledged the strong message the G20 leaders conveyed on climate action in the face of escalating natural disasters, such as record-breaking heatwaves.
Even during the G20 climate ministers’ meeting prior to the summit, there were disagreements among the nations. Nevertheless, global leaders and climate experts expressed satisfaction with the declaration as it sets the stage for an ambitious climate agreement at the upcoming global climate conference, COP28, in Dubai later this year.
Sultan al-Jaber, the presiding official of the Dubai climate summit, emphasized the power of the G20 declaration, given that these nations represent 80% of global emissions. Climate activists, however, argued that more substantial actions are necessary, calling for the elimination of fossil fuel dependency.
According to a report by Global Energy Monitor, G20 countries house 93% of existing coal power plants globally and 88% of proposed coal power plants without carbon capture technology. The report highlights the urgency for rich nations to lead by example and play a pivotal role in creating a greener and more equitable future.
The G20 leaders also agreed on the financial requirements for transitioning to clean energy. Developing countries will require $5.9 trillion by 2030 to meet their climate goals, and an additional $4 trillion per year until 2050 to achieve net-zero emissions. While there were several positive developments at the G20 summit, the lack of consensus on phasing out fossil fuels was disappointing to many.
Looking ahead, all eyes are now on COP28 to see if the G20 leaders can deliver stronger and bolder actions to increase renewable energy usage and reduce fossil fuel dependency, simultaneously addressing the climate crisis.
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