G20 leaders push forward on energy transition and climate change and pledge to support efforts to triple global renewable energy capacity by 2030. The group of major developed and emerging economies «will pursue and encourage efforts to triple renewable energy capacity», reports the final declaration of the leaders, approved in the first of the two days of work. “We pledge to urgently accelerate our actions to address environmental crises and challenges, including climate change,” the nearly 40-page text continues.
G20 leaders are pushing for the energy transition and the fight against climate change, but surprisingly they do not mention time commitments on eliminating fossil fuels. Despite multiple negative signals about the climate crisis, the leaders said they recognized the importance of “accelerating efforts to phase out coal energy.” The absence of defined commitments is also jarring considering that the leaders’ document was developed in the aftermath of the UN report which highlighted how the gradual elimination of fossil fuels is “indispensable” for net zero emissions.
Substantially increase climate investments
“We recognize the need for increased global investment to achieve our Paris Agreement climate goals, to rapidly and substantially scale up climate investment and finance from billions to trillions of dollars globally from all sources.” This can be read in the declaration adopted by the G20 leaders in New Delhi.