Jubilee Post News & Views
The G20 Leaders’ Summit has started today in Delhi. Indian officials confirm that climate change will feature in the agenda.
But due to geopolitical frictions caused by the Russia-Ukraine war and Putin and Xi Jinping giving a miss to the Summit, it will be very difficult to reach to a common consensus.
As the energy and environment ministerial meetings in July could not agree on a communique, intense negotiations can be foreseen over difficult language like phasing down of fossil fuels, climate finance, raising the renewables target and reforms for multilateral banks.
G20 climate issues: Finance
Finance remains the key element of the Leader’s Summit. The G20 has an opportunity to help leverage the trillions in investments needed to support developing countries in their energy transition. Annual investments in climate action need to increase by more than $2.4 trillion annually (or 2% of the global GDP) by 2030.
Mitigation
Negotiators say coal has been largely absent from the talks so far despite the G20 being home to 93% of the world’s operating coal capacity and 88% of the pre-construction coal capacity. Without an agreement on coal phase down in accordance with India,s suggestions in cop26 which was agreed by all countries , G20 members will not be able to support global climate migration efforts.
Renewables
Germany is rallying support to land a COP28 deal that would see a goal on the tripling of renewables. Developing countries including Indonesia and South Africa have objected to a goal without the outline of a clear finance package to deliver this. Analysis shows that in the G20 countries, wind and solar reached a combined share of 13% of electricity in 2022, up from 5% in 2015.
