The recently held G20 Summit made headlines when leaders committed to achieving a state of carbon neutrality around the middle of this century. The Rome Declaration was adopted during the summit, as Italy is currently assuming the presidency of the G20 countries. Preceding this event, the G20 Climate Risk Atlas was published enlightening us on climate scenarios, future changes in climate, along with other relevant data across the G20 nations.
Key Features of the Rome Declaration
The Rome Declaration included an important roadmap for the upcoming UN Climate Conference (COP 26) aiming to be held in Glasgow, Scotland. It called upon the leaders of the world’s major economies to devise action plans addressing the global climate change crisis.
Restricting Aid to Coal-Based Power Plants
The declaration pledged to cease the financing of overseas coal-fired power generation by the end of 2021. This is a significant step considering the harmful impact of these plants on the environment.
PPP Model for Finance Mobilisation
The Public-Private Partnerships (PPP) model was emphasised as a crucial means to achieve the trillions of dollars in investment required annually for transitioning to clean and sustainable energy sources that could help temper global warming.
India’s Response to the Declaration
India laid stress on the importance of vaccine research, manufacturing, and innovation, underscoring the need to address vaccine inequity globally. With an aim to produce over 5 billion vaccine doses by the end of next year, India pushes towards a collaborative approach against the pandemic vowing for a “One Earth One Health” vision.
Resilient Global Supply Chains & Tax Reforms
The country also highlighted the importance of durable global supply chains and invited the G20 nations to partner with India in their economic recovery and supply chain diversification efforts. Support was extended to the G-20’s decision for a 15% minimum corporate tax aiming to make the global financial architecture more equitable.
Welcoming EU’s Indo-Pacific Strategy
India projected support for the European Union’s Indo-Pacific strategy and acknowledged French leadership in the same.
Concerns Associated with the Declaration
Despite the progressive steps, the declaration drew criticism for its vague approach towards achieving net-zero carbon emissions by 2050. No concrete action plan was detailed and no references were made to reducing emissions significantly. The declaration also sidestepped the phasing out of domestic coal, a considerable issue for high carbon-emitting countries like China and India.
Vaccine Patent Waiver Issue Remains Unaddressed
The summit did not address the ongoing dispute over vaccine patent waivers.
The Developmental Imperatives of India
Climate negotiators from the US, EU, and UK have been consistently approaching India for updating its Nationally Determined Contributions (NDCs) to encompass a target of 450 GW of renewable energy by 2030.
About G20
The G20 is an informal group comprising representatives of 19 countries, International Monetary Fund, World Bank and the European Union (EU). Representing about two-thirds of the world’s population, 85% of global gross domestic product, 80% of global investment, and over 75% of global trade, the G20 does not have a permanent secretariat or headquarters. The group includes a mix of the world’s largest advanced and emerging economies including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the EU.
