G20 leaders met in New Delhi on Sept. 9 and 10 to encourage efforts to triple global renewable energy capacity by 2030 through existing goals and policies. Mandataries recognized the need to increase global investments to meet the climate objectives of the Paris Agreement and to rapidly scale up climate investment and financing from billions to trillions of dollars, worldwide.
According to the IRENA report "World Energy Transitions Outlook 2023," published in June of this year, the world needs to triple global renewable energy capacity to slightly over 11,000GW by 2030 to maintain the possibility of limiting global warming to 1.5°C. The agreement adopted by the G20 supports this goal.
"The adoption of a renewable energy target aligned with the goals of the Paris Agreement is a significant milestone for the energy transition," said Francesco La Camera, Director General, IRENA. "Over the past decade, thanks to the rapid decline in costs, renewable energies have emerged as the most cost-effective energy solution to meet the growing needs of the world's population, while combating climate change."
In their joint statement, G20 leaders acknowledged the developed countries' requirement of US$5.8-59 trillion by 2030 to implement their Nationally Determined Contributions (NDCs) and US$4 trillion annually for clean energy technologies by 2030 to achieve net-zero emissions by 2050. They agreed to work toward facilitating low-cost financing access for developing countries to existing, new and emerging clean and sustainable energy technologies.
The G20 summit also launched a Green Hydrogen Innovation Center, led by the International Solar Alliance (ISA), the Global Biofuels Alliance and the Industrial Coalition for Resource Efficiency and Circular Economy (RECEIC).
Vineet Mittal, Founder, Avaada, a Mumbai-based green energy developer and Chair of the CII's Green H2 Council, stated that the G20's declaration in New Delhi is a beacon of hope for a brighter, greener and more inclusive future.
"The Global Biofuels Alliance initiative, led by Narendra Modi Ji, highlights the importance of biofuels in shaping a greener future and strengthening energy security, especially for the Global South. It is a clear testament to Bharat's dedication to being at the forefront of sustainable energy solutions,” said Mittal.
G20 leaders also committed to supporting the acceleration of production, utilization and development of transparent and resilient global markets for hydrogen produced from zero and low-emission technologies and its derivatives, such as ammonia, through the development of voluntary and mutually agreed harmonization standards, as well as mutually recognized and interoperable certification schemes.