“Highway to climate hell with a foot on accelerator” was the string of words used by UN General Secretary Antonio Guterres lashing out at all of us for doing either nothing or little for climate change. This was last year during the occasion of COP-27.
He alerted the world about the catastrophic fallout likely to be felt soon by all of us living and breathing on the planet.
This year too, as the G20 summit has been concluded in New Delhi, the deadly issues of rising temperatures and Climate change continued to omit heat during the discourse.
So much so that the G20 nations had to thump on their commitment towards the issue and agreed to follow a coordinated action plan across the planet to check the challenges and to contain the spread.
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The G20 is jointly accountable for nearly 80% of world emissions, hence addressing climate change is a global concern.
The nations agreed that efforts are needed to keep the global average temperature increase well below 2 degrees Celsius above pre-industrial levels in order to meet the Paris Agreement’s temperature goal.
They pledged to continue their efforts to keep the temperature increase to 1.5 degrees Celsius above pre-industrial levels.
Additionally, to keep global warming to 1.5 degrees Celsius by 2030, global GHG emissions must be reduced by 43 per cent from 2019 levels by 2030.
The New Delhi Leader’s Declaration demanded all nations to review and, if necessary, strengthen their 2030 targets in their Nationally Determined Contributions (NDCs) by the end of 2023, taking into account various national circumstances, in order to reach the temperature goal of the Paris Agreement.
The G20 nations also decided to pursue and support efforts to triple the amount of renewable energy produced globally by 2030, according to national circumstances, and to show a similar level of ambition about other zero- and low-emission technologies, such as abatement and removal technologies.
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In New Delhi, the G20 nations reaffirmed their commitment to achieving global net zero GHG emissions/carbon neutrality by or around the middle of the century, while taking into account the most recent scientific advancements and various national circumstances, taking into account various approaches including the Circular Carbon Economy, socio-economic, technological, and market development, and advocating for the most effective solutions.
Referencing the Paris Agreement, Funds Are Earmarked:
The G20 noted the need for $5.8–5.9 trillion in the pre–2030 period required for developing countries, in particular for their needs to implement their NDCs, as well as the need for $4 trillion per year by 2025 for clean energy technologies as part of their recognition of the need for increased global investments to meet the climate goals of the Paris Agreement.
The G20 members recalled and reaffirmed the developed countries’ 2010 pledge to mobilize $100 billion in climate finance annually by 2020 and annually through 2025 to address the needs of developing countries, in the context of meaningful mitigation action and transparency in implementation.
Contributors from developed nations anticipate that this objective will finally be reached in 2023.
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The countries of the G20 pledged to effectively implement the COP27 decision on finance mechanisms for reacting to loss and damage for aiding developing countries that are especially vulnerable to the negative consequences of climate change, including creating a fund.
Call on Parties (COP) was also made to set an ambitious, transparent, and accountable New Collective Quantified Goal (NCQG) of climate finance in 2024, starting at a floor of $100 billion annually, while also taking into account the needs and priorities of developing nations in order to achieve the UNFCCC’s goal and put the Paris Agreement into effect.
To create a just and sustainable global hydrogen ecosystem that benefits all countries, the leaders also reaffirmed the “G20 High-Level Voluntary Principles on Hydrogen.”
The G-20 Presidency also announced the creation of the Global Bio fuels Alliance in New Delhi, with the United States joining India, Brazil, Italy, Canada, Argentina, and South Africa as initial members.
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Sustainable bio fuels are essential to achieving net zero by the year 2050. Countries will work together through this new Alliance to develop and open up new markets for sustainable bio fuels.
The UK government’s announcement of a USD $2 billion (£1.62 billion) contribution for the Green Climate Fund’s second replenishment (GCF-2) has been praised by the GCF.
On September 9, 2023, at the G-20 Leaders’ Summit in New Delhi, Prime Minister Rishi Sunak made the declaration.
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Since the Fund’s early period of resource mobilization, the UK has been a dedicated and long-term partner. For the first replenishment of the GCF for the years 2020–2023, the UK contributed £1.44 billion.
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With the current declaration, it has significantly increased its pledge for the GCF’s first replenishment (GCF-1) by 12.7%.
In wake of the summit, Andrew Mitchell, Minister of Development hailed the contributions made by the fund saying, ““The Green Climate Fund plays a critical role in global efforts to limit climate change and address its impacts. Our increased pledge of USD 2 billion to the GCF underlines our sustained commitment to tackling climate change.
“The scale of challenge we face demands yet more urgent action and that is why the UK will work closely with the GCF to accelerate the Fund’s delivery of improved access and greater impact, especially for those countries most vulnerable to climate change.
Well dear reader, how far will such steps be successful, we shall see and we shall keep you informed with fact-checked environment news updates in India.