NEW DELHI: In a significant move, the world leaders at G20 New Delhi agreed on tripling renewables targets by 2030 and putting a number to the need for climate finance for the first time in G20.
The Delhi declaration encourages tripling of Renewable Energy capacity and voluntary doubling of the rate of energy efficiency improvement by 2030 is a major takeaway from this G20 meeting, say environmentalists.
“The agreement to triple renewable energy globally will be a huge boost to the clean energy sector if it can be matched with technology and finance,” says Dr Ajay Mathur, Director General, of International Solar Alliance ( ISA).
The Delhi Declaration gives hope towards climate action from the world’s major emitters responsible for 85% of emissions, however, they missed agreeing on phasing out unabated fossil fuels. Climate experts term it as a big climate win.
“We have seen a landmark decision to support tripling global renewable energy capacity, important for both development and climate goals,” said Madhura Joshi, India Lead, E3G, Climate think-tank. “The decision to support doubling the rate of energy efficiency, crucial for energy transitions and for reforming multilateral banks, which can help unlock affordable finance for implementation, ” Joshi further added.
The United Nations Framework Convention on Climate Change (UNFCCC) first-ever Global Stocktake report on the eve of the G20 meeting in Delhi said the world falls short of financial support for climate action in developing countries. The report reiterated that the window to meet the 1.5 degree C target is closing fast as the world is not on track to meet the long-term goals on climate change, adopted during the Paris Agreement in 2015.
The G20 Delhi declaration’s document focussed extensively on reforming global financial institutions and debt structuring to make funds available for developing nations struggling to meet climate challenges, setting the tone for discussions in the upcoming COP28 to be held in the UAE.
With extreme weather events hitting hard this year, climate change remained high on the geopolitical agenda. There were high expectations, and also differing views on the level of climate action. Critics say rich nations in the G20 evade its responsibility of curbing emissions as well as providing financial aid.
“While the G20's commitment to renewable energy targets is commendable, it sidesteps the root cause—our global dependency on fossil fuels,” says Harjeet Singh, head of global political strategy at Climate Action Network International. Singh further said rich nations failed in their responsibilities.
“Rich nations within this group of leading economies have not only failed to curb their own emissions but have also fallen short in financially aiding developing countries with their green initiatives. It's high time for these nations to lead by example, turn their promises into actions, and help forge a greener, more equitable future for all,” said Singh.