Leaders of the world's 20 largest economies, known as the G-20, are pledging to triple renewable energy capacity by 2030 in a bid to boost the global transition to cleaner energy sources. This move comes after previous disagreements between Russia and Saudi Arabia halted similar talks.
The 18th G20 Summit of Heads of State and Government, which will take place on September 9th and 10th in New Delhi, India, will be the culmination of all G20 processes and meetings held throughout the year between ministers, senior officials and civil societies. A G20 Leaders' Declaration will be adopted at the conclusion of the New Delhi Summit, declaring the Leaders' commitment to the priorities discussed and agreed upon during the respective ministerial and working group meetings.
G-20 nations agreed to “pursue and encourage” efforts to increase clean energy production, according to sources familiar with the talks. Additionally, the bloc is focusing on promoting carbon-reducing technologies such as carbon capture, which has the potential to reduce emissions from the use of fossil fuels such as gas, coal and oil.
This development marks a new boost in the fight against climate change, which had faced obstacles due to concerns about energy supply security and costs associated with the energy transition. It is also seen as significant support for the G-20 host, Indian Prime Minister Narendra Modi, ahead of the G-20 summit in New Delhi, as well as the UAE, which is organizing the upcoming COP28 climate conference.
The full details of the agreement have not yet been made public, but this commitment signals a shift towards a more sustainable energy economy around the world. Carbon capture technology, in particular, will play a crucial role in this transition as it aims to reduce carbon dioxide emissions released when burning fossil fuels.
Although carbon capture technology has been criticized by some as a way to allow fossil fuel companies to continue to operate, it is seen as an important tool for reducing the impact of climate change. However, currently only around 0.1% of global emissions are captured annually through this technology.
Increasing renewable energy capacity is essential to achieving climate goals, as energy production is responsible for around a third of global emissions. Despite the growth of solar and wind energy in many parts of the world, the continued dependence on coal and gas for electricity generation remains a significant challenge. In 2022, coal consumption reached a record and is expected to remain at similar levels this year, according to the International Energy Agency.
Brazilian Participation in the G20 Will Mark a Commitment to Global Equality
President Luiz Inácio Lula da Silva will embark for New Delhi, India, where he will participate in the G20 Summit. During the event, Brazil will officially assume the rotating presidency of the group, marking a historic moment for the country.
The summit, which will take place on September 9th and 10th, will address a range of crucial themes, including sustainable green development, environment and climate, energy transitions and net zero carbon emissions. In addition, issues such as inclusive growth, meeting the targets of the Sustainable Development Goals (SDGs), health, education, infrastructure, technological transformations, multilateral reforms and the future of work and employment will also be highlighted.
During the summit, the President will present the priorities and challenges of the future Brazilian presidency and will discuss issues of global equality. At a recent event in Rio Grande do Norte, he highlighted his desire to address issues of gender, racial, health and income inequality, demonstrating his commitment to promoting equality on a global level.
The symbolic transfer of the rotating presidency will involve Indian Prime Minister Narendra Modi and Lula, marking the beginning of a new chapter in Brazil's leadership of the G20. The G20 presidency is a significant opportunity for Brazil to influence global policies and promote an agenda of equality and sustainable development.
