G20 Summit: Delhi declaration pushes for sustainable growth and calls for low-cost financing to meet net-zero

New Delhi: The New Delhi Leaders’ Declaration at G20 Summit mentioned the need of $5.8-5.9 trillion in the pre-2030 period for developing countries to implement their Nationally Determined Contributions, NDCs.

The document reiterated the requirement of $4 trillion per year for clean energy technologies to reach net-zero by 2050.

G20 countries also agreed to “triple renewable energy capacity” globally, while also reiterating their commitment to achieve global net zero by or around mid-century.

The declaration or the formal communique includes a chapter on the ‘Green Development Pact’ for a sustainable future through a multi-pronged approach such as implementing clean, sustainable, just, affordable, and inclusive energy transitions.

It stated that the member countries “will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, as well as demonstrate similar ambition with respect to other zero and low-emission technologies, including abatement and removal technologies, in line with national circumstances by 2030”.

The declaration also took note of the ‘Voluntary Action Plan for Promoting Renewable Energy to Accelerate Universal Energy Access’.

It also acknowledged a voluntary action plan to double the rate of energy efficiency improvement by 2030.

The communique for the first time went beyond the $100 billion commitment made by the developed countries to the developing nations and widened the scope of climate financing to include private climate finance.

“We recall and reaffirm the commitment made in 2010 by the developed countries to the goal of mobilizing jointly USD 100 billion climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries. Developed country contributors expect this goal to be met for the first time in 2023” it said.

The countries also agreed to encourage the development of financing mechanisms such as blended finance, de-risking instruments and green bonds for projects in developing countries.

“We recognize the need for increased global investments to meet our climate goals of the Paris Agreement, and to rapidly and substantially scale up investment and climate finance from billions to trillions of dollars globally from all sources” said the declaration.

There had been a debate between the developed and developing countries on what could count towards the joint $100 billion contribution. The G20 communique for 2023, widened the scope of climate finance through this move.

The G20 countries agreed that developing countries need to be supported in their transitions to low carbon/emissions. It stated that the G20 will work toward facilitating low-cost financing for developing countries and phase down unabated coal & phase out inefficient fossil fuel subsidies.

Over the medium term, the member countries also agreed to phase out and rationalise inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieving this objective, while providing targeted support for the poorest and the most vulnerable.

Continuing the language from the Bali Leaders’ Declaration, 2022, the G20 countries agreed to accelerate efforts toward the phase-down of unabated coal power in line with national circumstances and recognizing the need for support
towards just transitions.

The countries recognised the importance of accelerating the development, deployment and dissemination of technologies and adoption of policies to transition towards low-emission energy systems.

They agreed to do so “by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards phase-down of unabated coal power, in line with national circumstances and recognizing the need for support towards just transitions”.

“We reiterate our commitment to achieve global net zero GHG emissions/carbon neutrality by or around mid-century, while taking into account the latest scientific developments and in line with different national circumstances, taking into account different approaches including the circular carbon economy, socioeconomic, technological, and market development, and promoting the most efficient solutions,” read the New Delhi Leaders’ Declaration.

The G20 countries also talked about accelerating the progress on Sustainable Development Goals (SDGs) and call to achiev the traget of SDGs in timely manner.

“To accelerate progress on SDGs, we commit to taking collective action for effective and timely implementation of the G20 2023 Action Plan to Accelerate Progress on the SDGs, including its High-Level Principles” said the statement.

The member countries also emphasize to address biodiversity loss, desertification, drought, land degradation, pollution, food insecurity
and water scarcity.

“We commit to restoring by 2030 at least 30% of all degraded ecosystems and scaling up efforts to achieve land degradation neutrality” it said.

They called for effective implementation of the Kunming-Montreal Global Biodiversity Framework (GBF), and encouragd an actions to halt and reverse biodiversity loss by 2030.

The declaration also pushed to harness and preserving the Ocean-based Economy and committed to conserving, protecting, restoring and
ocean, marine ecosystems and welcomed the Chennai High-Level Principles for a Sustainable and Resilient blue/Ocean-based Economy.

To deal with extreme weather events, the countries also urged for accelerating progress on “Early Warning and Early Action” through
strengthening national and local capacities through innovative financing tools and knowledge sharing.

In a surprise move, members of the G20 reached a consensus on a joint statement on the first day of the G20 Summit itself, with Prime Minister Narendra Modi announcing the adoption of the New Delhi Leaders’ Declaration.

The G20 comprises 19 nations and the European Union. The 19 countries include Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States. Spain is invited as a permanent guest.


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