The G-20 Conference held recently in New Delhi, India supports the use of energy from different sources.
This is according to the joint statement from the G-20 Leaders.
According to the statement, the world needs energy flows from different sources, suppliers and routes to achieve energy security for all.
A part of the joint statement read:
- “We emphasize the importance of maintaining uninterrupted flows of energy from various sources, suppliers and routes, exploring paths of enhanced energy security and market stability, including through inclusive investments to meet the growing energy demand, in line with our sustainable development and climate goals, while promoting open, competitive, non-discriminatory and free international energy markets.”
This stance echoes the statement by Haitham al Ghais, the Secretary General of the Organization of Petroleum Exporting Countries (OPEC) in May 2023 during an interview with S&P Global Commodity Insights, when he said the world’s energy future is an “and”, not an “or” question. At the time, he said:
- “Our energy future is an ‘and’ question, not an ‘or’ question. The world desperately needs investments in all energies and in all technologies to help reduce emissions.
- “It is vital that we get our energy future right: securing reliable and affordable energy for all while reducing emissions. This can only be achieved through international cooperation based on multilateralism and constructive dialogue.”
Climate funding
The G-20 statement also reaffirmed the commitment made in 2010 by the developed countries to the goal of mobilizing jointly $100 billion in climate finance per year by 2020, and annually through 2025, to address the needs of the developing countries, in the context of meaningful mitigation action and transparency in implementation.
Recall that during the Africa Climate Summit, the COP 28 President Designate, Dr. Sultan al Jaber, noted that developed countries owe it to developing countries to meet the pledge.
This is because current energy gaps in Africa will only increase as the continent’s population continues to grow.
Addressing this issue, the G-20 statement stated:
- “We will work to successfully implement the decision at COP27 on funding arrangements for responding to loss and damage for assisting developing countries that are particularly vulnerable to the adverse effects of climate change, including establishing a fund.
- “We will work towards facilitating access to low-cost financing for developing countries, for existing as well as new and emerging clean and sustainable energy technologies and for supporting the energy transitions.”
We note the report on “Low-cost Financing for the Energy Transitions” prepared under the Indian Presidency and its estimation that the world needs an annual investment of over $4 trillion, with a high share of renewable energy in the primary energy mix.
Renewables and critical minerals
The leaders of the G-20 have made a collective commitment to triple global renewable energy capacity by building on existing targets and policies.
This ambitious endeavour extends beyond renewables and encompasses other crucial low and zero-emission technologies, such as abatement and removal technologies.
The goal is to achieve this substantial progress by 2030, taking into account each nation’s specific circumstances. Furthermore, their joint statement emphasizes the importance of establishing reliable, diversified, sustainable, and responsible supply chains to support the transition to cleaner energy sources.
This includes ensuring the availability of critical minerals and source-beneficiated materials, semiconductors, and various technologies.
Additionally, the G-20 leaders acknowledge the vital role of grid interconnections, resilient energy infrastructure, and the integration of regional and cross-border power systems, where applicable.
These initiatives are recognized as key drivers of energy security, economic growth, and universal access to energy for all.
As the President of COP28 ( Dr Sultan Al Jaber) has stated, do hope the developed Countries commit to their loss and damage fund because it’s essential being a major contributors to climate change and also crucial is the energy Transition will be fully enacted.