The Group of 20 (G20) leaders emphasised the need to accelerate climate finance flows to support renewable energy transition in developing countries, at a summit held under India’s presidency in New Delhi. The G20 said it would “pursue and encourage” efforts to triple renewable energy capacity globally by 2030, “in line with national circumstances by 2030”, in a communique published 9 September. The G20 said it recognised the needs, vulnerabilities and priorities of developing countries, committing to work towards “facilitating low-cost financing” to support their energy transitions. A report prepared under the Indian Presidency estimated a global annual investment need in excess of US$4 trillion. The G20 statement backed recommendations from Sustainable Finance Working Group for scaling up blended finance and risk-sharing facilities, and an enhanced role of multilateral development banks in mobilising climate finance. It also backed reform of the international development finance system to better handle “the scale of need and depth of the shocks” facing developing countries, including enhanced representation for the latter in global international economic and financial institutions. Following the publication of the UNFCCC’s Global Stocktake report, the G20 also said it recognised the need to “rapidly and substantially” scale up investment and climate finance from billions to trillions of dollars to meet the goals of the Paris Agreement. Noting that developing countries need US$5.8-5.9 trillion in the pre-2030 period to implement their nationally determined contributions, the G20 said it expected developed countries to deliver on their goal of mobilising jointly US$100 billion climate finance per year for the first time in 2023. The communique also committed to “swift, full and effective implementation” of the Global Biodiversity Framework (GBF), and called for enhanced financial resources “from all sources”.
A successful #G20 Summit defined by transformative outcomes concludes!
🎥 Some glimpses! pic.twitter.com/8x7E1Jk4By
— G20 India (@g20org) September 10, 2023