Tripling RE capacity ok but about phasing out coal

BATHINDA: The institutions and organisations working into climate change though have welcomed strong support for the Paris Agreement and its targets including the 1.5 degree C warming limit mainly tripling renewable energy capacity by 2030 and voluntary doubling the rate of energy efficiency improvement by 2030, the language on

finance

from billions to trillion dollars, making an effort to shift the discourse from mitigation – only finance- to resilience and adaptation but they are pessimistic on no agreement on phasing down coal. For the first time in G20, recognises the quantum for climate finance – gives a figure of USD 5.8-5.9 trillion needed by pre 2030 for NDC achievement, and USD 4 trillion annually for achieving Net Zero by 2050, which has been welcomed.
Encourages

tripling of RE

capacity by 2030 and voluntary doubling the rate of energy efficiency improvement by 2030.The agreement to triple renewable energy globally will be a huge boost to the clean energy sector if it can be matched with technology and finance.

No new language from the last G20 on efforts to phase down coal

– maintains the status quo. G20, home to 93% of global operating coal power plants and 88% of new proposed unabated coal power plants failed to agree to end new coal power plant construction.
Recognize the importance of sustainable biofuels in zero and low- emission development strategies, and note the setting up of a Global Biofuels Alliance.
No specific progress on phase down of coal but announced the establishing of a Green Hydrogen Innovation Centre steered by the International Solar Alliance (ISA) and also mentions derivatives like ammonia.
Although it recognises the need to reduce emissions by 43% by 2030 (relative to 2019 levels) and notes that global peaking must occur before 2025 (as prescribed by the IPCC’s AR6 Synthesis Report), it mentions that this doesn’t imply all countries must peak according to this timeline. This shows that while there is acknowledgement of climate science and policy inputs, principles of CBDR- RC remain alive when it comes to climate action.
Strong support expressed for MDB reforms, including Sustainable Finance Working group recommendations for scaling up blended finance and risk-sharing facilities and the enhanced role of MDBs in mobilising climate finance, especially through concessional resources.
Calls for an ambitious second replenishment process of the Green Climate Fund for its upcoming 2024-2027 programming period
With extreme weather events hitting hard this year, climate change remained high on the geopolitical agenda. There were high expectations, and also differing views on the level of climate action which must be urgently taken across major emitting countries, which include historical emitters like US and Europe but also large economies like China and India. The big climate wins come with the agreement on tripling renewables targets by 2030 and putting a number to the need for climate finance for the first time in G20. The UNFCCC’s first ever Global Stocktake report yesterday reiterated that the window to meet the 1.5 degree C target is closing fast. The Delhi Declaration gives hope towards climate action from the world’s major emitters responsible for 85% of emissions, however, they missed agreeing on phasing out unabated fossil fuels.
Ajay Mathur, Director General, International Solar Alliance (ISA) Through the year, the International Solar Alliance has worked with the G20 Presidency towards fast tracking development, in the G-20 countries and globally, while also mitigating climate change by promoting solar utilization. This can be done in three ways. First, we need to build the knowledge and capacity of all countries to produce, transport and use low and zero carbon hydrogen. ISA has launched the Green Hydrogen Innovation Centre to enable this action. Second, we need to enable solar mini grids to provide universal energy access, especially where grid extension is too expensive. Guarantees help in crowding-in private sector investment into solar mini grids. We need new partnerships – between International Organizations and countries, and in between International Organizations as well, to accelerate solarization.
Madhura Joshi, India Lead, E3G, Climate think-tank “We have seen a landmark decision to support tripling global renewable energy capacity, important for both development and climate goals; support for doubling the rate of energy efficiency, crucial for energy transitions; and for reforming multilateral banks, which can help unlock affordable finance for implementation. Reiterating language from the last G20 on efforts to phase down coal just maintains the status quo. Increasing renewables must be backed by phasing down fossil fuels – both are indispensable for just transitions and a net-zero world. We need stronger bolder action from leaders on both sides. All eyes now on COP28 – can the leaders deliver?”
Aarti Khosla, Director, Climate Trends “The agreement to triple renewable energy globally could be a big boost to the clean energy sector. There is also a pledge to increase the capacity of multilateral development banks to lend more and utilise existing funds better, and a number agreed on the funds required for energy transition but falls short of a clear commitment to increased finance. The language on accelerated phasedown of unabated coal is from last year. In the context of tripling renewable energy, it assumes even greater significance because not calling for phase down of fossil fuels will mean stranded power assets in the near future.’’
Vibhuti Garg, Director, South Asia, Institute for Energy Economics and Financial Analysis, (IEEFA) “The Leaders Declaration captures all the ingredients for restricting global temperatures to 1.5 degrees by highlighting the need for countries to develop pathways that are aligned with this goal. It also rightly says the need for tripling of renewable energy and access to low cost finance as the need for finance are estimated to the tune of USD4 trillion annually, the agreement is on facilitating and not committing to it. While the progress is good, a time commitment on both the renewable energy target and allocation of finance to energy and developing countries would have strengthened the commitment from nations on the issue of climate crisis which all the countries have been subjected to.” No further commitment on increasing the availability of finance to developing countries beyond USD 100 billion. The net zero target needs much higher investment and if that commitment is not enhanced, it will be difficult for countries in the global south to achieve their climate goals.
On Tripling of Renewable Energy Aditya Lolla, Asia Programme Lead, Ember “This is a significant and surprising step forward by the G20. A tripling of global renewable capacity by 2030 is the biggest single action that would keep 1.5 degrees within reach. It creates two important precedents. First, it dramatically increases the odds that a global goal to triple renewables can be agreed at COP28 in December. Second, and most importantly, it creates a necessity for countries to go back and reassess their own plans to make sure they are consistent with a tripling of global renewables. Developed countries have a responsibility to help facilitate low-cost financing for renewable energy in emerging countries, so it was great to see the G20 also mention the importance of this. For Saudi Arabia and Russia to now lend support to renewables is welcome.
On Fossil Fuel Subsidy Reform Shruti Sharma, Senior Policy Advisor, International Institute for Sustainable Development (IISD) “The G20 leaders declaration has acknowledged the significance of addressing fossil fuel subsidies, but there has been no progress in the text since the Bali declaration. For the past 15 years, G20 leaders have consistently reiterated their commitment to reforming fossil fuel subsidies, but failed to deliver tangible progress in terms of transparency, timelines, and subsidies reduction. The absence of a well-defined deadline for phasing out of fossil fuel subsidies—such as 2025 for developed countries and 2030 for emerging economies—reduces the accountability of the G20 in delivering its 2009 commitment to phase out this support.”
On Global Biofuel Alliance Devinder Sharma, Trade and Food Policy Analyst “At a time when the UN has set a goal to achieve ‘Zero Hunger’ by 2030, to form a global biofuel alliance would be nothing short of a historic blunder. Political leadership must think of feeding humans first, automobiles can wait. Food should never be diverted for activities which have nothing to do with domestic food security. Interestingly, we are getting to a stage when the food we produce will go to feed automobiles, and it will be left to companies to produce synthetic food in the labs for the human population.”
Purva Jain, Energy Analyst, Institute for Energy Economics and Financial Analysis, (IEEFA) “The formal launch of the Global Biofuels Alliance at the G20 Summit in Delhi reflects India’s commitment to clean fuels.
Archana Chaudhary, Senior independent journalist ‘’Overall it’s a good move if it helps nations cut reliance on expensive fuel imports. But is not exactly good news for some agricultural economies because it will push farmers to produce more crops that support ethanol and similar biofuels, diverting farm land away from pure food production, affecting food security.’’