The G20 Leaders’ Summit, held in New Delhi on September 9 and 10, marked a pivotal moment in the global geopolitical agenda. Climate change emerged as a prominent issue, reflecting the urgent need for collective action.
Key Outcomes on Climate Change
Green Development Pact: Action Plan for Sustainable Development Goals (SDGs)
One of the central outcomes of the summit was the adoption of the New Delhi Leaders’ Declaration. External Affairs Minister Jaishankar highlighted key results, which include a Green Development Pact Action Plan for Sustainable Development Goals (SDGs). This plan underscores the commitment to sustainable development as an integral part of addressing climate change.
Reforms of Multilateral Development Banks
Recognizing the need for financial reforms, the summit endorsed recommendations for Multilateral Development Banks (MDBs). The Sustainable Finance Working Group (SFWG) recommendations aim to expand blended finance and risk-sharing mechanisms. MDBs are expected to play an increased role in mobilizing climate finance, especially through concessional resources.
Global Biofuel Alliance (GBA)
A significant milestone during the summit was the launch of the Global Biofuel Alliance (GBA), a groundbreaking initiative proposed by India. The GBA seeks to unite governments, international organizations, and industry players in promoting the adoption of biofuels. Nineteen countries and twelve international organizations have already joined this alliance.
Other Priorities
In addition to these critical developments, the summit focused on various other priorities:
- Inclusive Transition to Sustainable Energy: The G20 pledged to promote an inclusive and accessible transition to sustainable energy. This commitment aligns with the broader goal of achieving sustainable development and addressing climate change.
- Accelerating Progress on SDGs: Another key objective is accelerating progress on the Sustainable Development Goals (SDGs). This emphasizes the importance of achieving a balance between economic growth and environmental sustainability.
- Resilience in Urban Development: The summit underscored the need for fostering resilience and sustainability in urban development. This recognizes the role of cities in mitigating climate change and adapting to its impacts.
- Mitigating Disaster Risks and Infrastructure Resilience: Mitigating disaster risks and enhancing infrastructure resilience are vital components of the summit’s agenda. This reflects the understanding that climate change can exacerbate vulnerabilities, requiring proactive measures.
Addressing Climate Change Inadequacies
While the summit made significant strides in addressing climate change, it also acknowledged existing inadequacies. The New Delhi Declaration expressed concern about the insufficient global ambition and implementation of the Paris Agreement commitments. However, it reiterated the G20’s commitment to achieving global net-zero greenhouse gas emissions by mid-century.
Commitment to Energy Transition
The New Delhi Declaration commits to accelerating clean, sustainable, and inclusive energy transitions. This commitment is viewed as a means of achieving strong, balanced, and inclusive growth while meeting climate objectives. The document also endorses tripling global renewable energy capacity by 2030 and advancing hydrogen markets based on zero and low-emission technologies.
Climate Finance
A notable shift in the financial dialogue occurred at the summit. The focus expanded from finance for mitigation to resilience and adaptation. The Declaration stressed that developing countries require $5.8-5.9 trillion before 2030 to achieve their Nationally Determined Contributions (NDCs). It also estimated an annual expenditure of $4 trillion for these countries to attain net-zero emissions by 2050.
Reforms for Multilateral Development Banks
The New Delhi Declaration embraced reforms for Multilateral Development Banks, aligning with the recommendations of the Sustainable Finance Working Group (SFWG). These reforms emphasize the role of MDBs in mobilizing climate finance, especially through concessional resources.
Sustainable Cities and Resilient Infrastructure
Efficient urban development and resilient infrastructure are vital for climate resilience. The summit called for improved financial mobilization and resource utilization to create inclusive, resilient, and sustainable cities. Development Financial Institutions and MDBs were encouraged to explore opportunities for financing urban infrastructure. Additionally, the Declaration advocated for expedited advancements in early warning and early action initiatives to enhance infrastructure resilience.
UPSC Mains Questions
- How does the commitment to achieving global net-zero greenhouse gas emissions by mid-century align with the urgency of addressing climate change? What additional measures could be taken to enhance ambition?
- Analyze the shift from financing mitigation to resilience and adaptation. What challenges and opportunities does this shift present for developing countries in achieving their climate goals?
- Discuss the role of Multilateral Development Banks in mobilizing climate finance. How can reforms, as endorsed in the New Delhi Declaration, contribute to more effective climate action?
- Despite notable commitments in other areas, the G20 countries made no pledges to end new coal power plant construction. Evaluate the implications of this omission for global efforts to combat climate change and transition to clean energy sources.
