During the G20 summit in New Delhi, world leaders took a significant step by unanimously agreeing to triple renewable energy targets by 2030 and quantifying the need for climate finance, marking a first for the G20. This landmark decision includes a call for tripling Renewable Energy capacity and voluntary efforts to double energy efficiency improvement rates by 2030. Environmentalists view this as a substantial achievement from the G20 meeting, emphasizing that it holds immense potential for the clean energy sector, provided it is matched with technology and financial support, as stated by Dr. Ajay Mathur, Director General of the International Solar Alliance (ISA).
While the Delhi Declaration has raised hopes for climate action, as it involves major emitters responsible for 85% of global emissions, it falls short of an agreement to phase out unabated fossil fuels. Nevertheless, climate experts consider this a significant climate win. The United Nations Framework Convention on Climate Change (UNFCCC) released its first-ever Global Stocktake report before the G20 meeting, emphasizing the shortfall in financial support for climate action in developing nations. The report highlighted that the world is not on track to achieve the long-term climate goals set out in the 2015 Paris Agreement, and the window to meet the 1.5-degree Celsius target is closing rapidly.
The G20 Delhi declaration places considerable emphasis on reforming global financial institutions and debt restructuring to make funds accessible to developing nations grappling with climate challenges. This sets the stage for discussions at the upcoming COP28 in the United Arab Emirates. With a notable increase in extreme weather events this year, climate change remained a top priority on the geopolitical agenda, although differing views on the level of climate action persist. Critics argue that rich nations within the G20 are evading their responsibilities in terms of emissions reduction and financial assistance.
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