Physical Address
23,24,25 & 26, 2nd Floor, Software Technology Park India, Opp: Garware Stadium,MIDC, Chikalthana, Aurangabad, Maharashtra – 431001 India
The G20 Leaders’ Summit held in New Delhi on September 9 and 10, 2023, underscored the urgent need to address the rising temperatures and the challenge of climate change. The member nations acknowledged that current global efforts to combat climate change fall short of achieving the temperature target set in the Paris Agreement.
Given that the G20 nations collectively account for approximately 80 per cent of global emissions, addressing climate change demands a coordinated global response. Therefore, the member nations pledged to accelerate their efforts to address environmental crises, including climate change.
The New Delhi Declaration
The New Delhi Declaration which has been lauded as a diplomatic triumph reiterated the commitment of the member nations in pursuing the 1.5°C temperature goal, recognizing that this will require substantial and sustained reductions in global greenhouse gas emissions. It emphasizes the importance of achieving a 43 per cent reduction by 2030, relative to 2019 levels, as a pivotal step toward this objective. It’s worth noting that the declaration stresses that this reduction should not be seen as a one-size-fits-all requirement, acknowledging that the timelines for reaching peak emissions may vary based on diverse national circumstances and priorities, including sustainable development and poverty alleviation.
Recognizing the substantial financial resources required, the G20 emphasized the need to significantly increase global climate funding from billions to trillions of dollars from various sources. Specifically, there is a recognized need for around $5.8-5.9 trillion in the pre-2030 period to support developing countries, particularly in fulfilling their Nationally Determined Contributions (NDCs). Additionally, there is a recognized annual requirement of $4 trillion for clean energy technologies by 2030 to achieve the goal of net-zero emissions by 2050. The leaders also emphasized the importance of evaluating the short, medium, and long-term macroeconomic impacts of climate change and transition policies, including their effects on economic growth, inflation, and employment, to inform well-rounded policymaking.
While climate change was a central focus of the New Delhi Declaration, it also addressed a range of urgent issues, including ecosystem conservation, ocean-based economies, plastic pollution reduction, sustainable urban development, disaster risk reduction, and resilient infrastructure.
Climate Funding
The G20 member nations committed to effectively implement the COP27 decision regarding financial mechanisms to address loss and damage, especially for vulnerable developing nations impacted by climate change. This commitment includes establishing a fund. Moreover, there was a call for Parties (COP) to set an ambitious, transparent, and measurable New Collective Quantified Goal (NCQG) for climate finance by 2024, starting at a minimum of $100 billion annually, taking into account the needs and priorities of developing countries in line with the UNFCCC objectives and the Paris Agreement.
On the second day of the G20 summit, the United Kingdom made a significant pledge of $2 billion to the Green Climate Fund to combat climate change effectively.
Sustainable Fuels
Additionally, the leaders reaffirmed their commitment to the ‘G20 High-Level Voluntary Principles on Hydrogen,’ aiming to establish a sustainable and equitable global hydrogen ecosystem benefiting all nations.
Recognizing the crucial role of sustainable biofuels in achieving net-zero emissions by 2050, the G20 Presidency introduced the Global Biofuels Alliance in New Delhi, with the United States as a founding member, along with India, Brazil, Italy, Canada, Argentina, and South Africa. This initiative aims to unite nations in expanding and creating new markets for sustainable biofuels.
Criticism
One of the main points highlighted in terms of criticism about the summit from a climate change viewpoint is the fact that the Delhi declaration features extensive pledges to fight climate change but no specific target or timeframe was set. The document also failed to include specific mitigation goals and targets for the G20 countries themselves.
Also, while the countries agreed to clean energy, no consensus could be attained in terms of phasing out fossil fuels. “While the G20’s commitment to renewable energy targets is commendable, it sidesteps the root cause — our global dependency on fossil fuels,” said Harjeet Singh of Climate Action Network International. Madhura Joshi, a Mumbai-based energy analyst said, “However, it’s disappointing that the G20 could not agree on phasing down fossil fuels.”
References:
https://apnews.com/article/india-climate-change-g20-cop28-c25dd753a2f8f520261ec4858b921a1a
Image: By Ministry of Culture (GODL-India), GODL-India, https://commons.wikimedia.org/w/index.php?curid=137131802
