G20 Reaches A Deal On Renewables But Not Oil, Gas Phase-out

 G20 Reaches A Deal On Renewables But Not Oil, Gas Phase-out

Leaders of the world’s largest economies have agreed to support efforts to triple renewable capacity by 2030 during this weekend’s G20 negotiations in India.

However, discussions among G20 nations on the phase-out of fossil fuels were difficult, with several large emitters staying committed to fossil fuel production.

Amitabh Kant, a top Indian government official who oversaw a number of the negotiations in the state of Goa, praised the pact as “probably the most vibrant, dynamic, and ambitious document on climate action” during a news conference.

Most climate and energy experts are skeptical of the commitments. The G20 nations collectively account for 80% of overall greenhouse gas emissions, making their agreements critical to global decarbonisation efforts.

According to the International Energy Agency, reaching net zero by 2050 will be impossible unless fossil fuel output is halted.

At the conclusion of the negotiations, officials issued an outcome statement rather than a joint communiqué, which is issued when governments reach complete agreement on all subjects.

The declaration will serve as the foundation for this year’s COP28 climate meeting, which will be held in Dubai later this year. Environmentalists and world leaders have already expressed fear that the meeting would lack the ambition needed to keep global warming to 1.50 degrees Celsius.

This weekend, leaders debated contentious carbon-capture technologies supported by oil-producing countries like as Saudi Arabia and the United Arab Emirates.

The G20 countries will “demonstrate similar ambition with respect to other zero and low-emission technologies, including abatement and removal technologies,” according to the final statement.

Carbon capture supporters argue that it is a crucial step toward net zero emissions, while detractors argue that it is a distraction from the fundamental difficulty of phasing out fossil fuels.

Renewables growth

For the first time, the G20 reached an agreement on the amount needed to transition the energy system to sustainable alternatives.

According to the statement, $5.9 trillion will be required by 2030 to assist developing nations in meeting their climate targets, with an additional $4 trillion required each year until the end of the decade if developing countries are to achieve net-zero emissions by 2050.

National leaders highlighted the significance of phasing down fossil fuel consumption in accordance with different countries’ economic and development prospects. The issue of differing obligations between developed and developing countries has been a hot topic in recent climate change debates.

Environmentalists applauded the renewables accord but were disappointed that a more comprehensive agreement on fossil fuels was not reached.

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