G20 Leaders Agree to Tripling Renewable Energy Capacity by 2030, but Gaps Remain on Fossil Fuel Phase Out, Finances
As part of their commitment to limiting the global warming to 1.5 degrees Celsius in line with the 2050 Net-Zero target, G20 leaders during a summit in New Delhi, India, in September, agreed to triple renewable energy capacity globally by 2030.
The leaders noted the need to mobilize $5.8- $5.9 trillion in the pre-2030 period needed to help developing countries to implement their Nationally Determined Contributions (NDCs).
They also stated that additional $4 trillion will be required per year through to 2030, to enable developing countries to reach Net-zero target.
The declaration adopted by the leaders said member nations “will pursue and encourage efforts to triple renewable energy capacity globally … in line with national circumstances by 2030.”
“We reiterate our commitment to achieve global net zero green house gas emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances,” it added.
G20 member nations are responsible for about 80 percent of the global greenhouse gas emissions. This is why climate change advocates see this new commitment as being very fundamental.
While commending the G20 nations for this new commitment, 350.org, an international movement of ordinary people working to end the age of fossil fuels and build a world of community-centred renewable energy for all, pointed out that the deal failed to address the phase out of fossil fuels.
The group noted that the richest nations among the G20 nations have a clear responsibility to provide further support to meet these renewable energy investment needs.
As the UN Climate Summit (COP28), scheduled to hold in Dubai, UAE in November draws closer, 350.org said it is important that governments harness this momentum by committing to a global renewable energy target at the same level of ambition as the G20.
“The G20’s commitment to triple renewable energy is a historic step – a glimmer of hope in our battle against climate chaos. While tripling renewable energy by 2030 may propel us back on a path to keep global heating to 1.5C, let’s not celebrate just yet. We must hold them accountable, demand they phase out fossil fuels, and lead with urgency. In particular, rich nations who bear the most responsibility for climate change must provide the finance required to achieve a tripling of renewable energy capacity globally by 2030,” said Associate Director of Global Policy at 350.org, Andreas Sieber.
According to the International Renewable Energy Agency (IRENA’s) “World Energy Transitions Outlook 2023”, released in June, for the world to maintain the possibility of limiting global warming to 1.5°C, global renewable power capacity needs to reach over 11.000 GW by 2030.
“The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition,” said IRENA Director-General Francesco La Camera. “Over the past decade, thanks to rapidly falling costs, renewable energy has emerged as the most cost-effective energy solution for meeting the growing needs of global populations while simultaneously combating climate change.”
“IRENA is proud to have played a role in the G20’s decision to adopt this target. We will maintain close collaboration with our member countries to deliver on this ambition,” he added.
Stressing on the importance of keeping the momentum on the back of G20 declaration in India, La Camera called for an ambitious action agenda that is inclusive of both developed and developing countries at the forthcoming COP28
