London/Delhi, 23 July 2023
Amid a 12 months of ongoing geopolitical tensions with power and provide chains on the coronary heart, report development in renewable power and a marked slowdown of fossil gasoline demand development, the G20 power ministerial was an essential temperature take over how the geopolitics of the power transition are enjoying out.
Despite the most effective efforts of the Indian presidency, G20 power ministers had been unable to make the progress wanted on setting an unambiguous world aim of a minimum of tripling renewable power capability to 11GW by 2030, along with implementation methods to obtain that aim.
They additionally failed to acknowledge the need of phasing down the manufacturing and use of fossil fuels — the principle driver of the local weather impacts ravishing the planet. Ministers didn’t even reiterate final 12 months’s recognition of the necessity to speed up the phasedown of unabated coal technology.
Progress was made on stepping up power effectivity and deployment of distributed renewable power applied sciences, and ministers recognised the necessity to improve primary power entry and supply low-cost finance for the clear power transition in growing international locations.
The Indian presidency ought to push for a stronger final result on the G20 leaders’ summit in Delhi in September. This additionally clearly reveals the arduous work forward for the United Arab Emirates in constructing help for its lately set-out imaginative and prescient for COP28 in Dubai.
Alden Meyer, Senior Associate at E3G, mentioned:
“With temperature data being set every day world wide and the impacts of local weather change spiralling uncontrolled, the world wanted to hear a clarion name to motion from the G20 power ministers assembly that simply wrapped up in Goa.
Instead, what we bought was very weak tea certainly, with the failure to set robust targets and implementation plans for a minimum of tripling deployed renewable power capability worldwide by 2030 and sharp divisions on show across the want for a good, quick, and equitable transition away from fossil fuels.
The Indian presidency should not settle for this final result as the ultimate reply. Instead, it ought to push G20 leaders to put the pursuits of their individuals forward of these of the fossil gasoline trade after they meet in September for his or her summit in Delhi. The UAE’s incoming COP28 presidency now has a good clearer sense of the fault strains amongst main international locations in reaching the transformational final result it’s in search of for the Dubai local weather summit in December and should intensify its discussions with ministers and leaders within the weeks forward.”
Madhura Joshi, Senior Associate at E3G, mentioned:
“The Indian G20 presidency introduced a optimistic agenda to the desk — accelerating power effectivity and renewable power, phasing out fossil fuels, and rising finance for the power transition — a few of these mentioned for the primary time within the G20. But the ultimate textual content marks out the divisions between international locations. Now the strain lies on G20 leaders to set an bold agenda in September. Progress in G20 shall be vital in figuring out the tone and success of COP28.”
On renewables, Lisa Fischer, Programme Lead at E3G, mentioned:
“Wind and photo voltaic are mature applied sciences that can, however nationwide pathway selections, shoulder the majority of power sector decarbonisation and demand development globally. A clear dedication to tripling renewable power capability put in to 11 TW by 2030 would thus have been an essential market sign by the G20. Yet, an unambiguous sign was sacrificed to a quarrel over net-zero compliant applied sciences.
At least, India efficiently brokered help for a recognition that distributed renewables are vital, not solely to tackling power entry challenges this decade, but additionally to empowering individuals and financial development.”
On fossil fuels, Anusha Mata, Senior Policy Advisor at E3G, mentioned:
“There are clear divisions amongst power leaders on the pathway to securing a clear power future. The weak language on fossil gasoline section down and absence of any point out of coal – probably the most polluting power supply – is a clear backtracking on earlier commitments in final 12 months’s G20 Bali Declaration.
This September we’d like to see G20 leaders ramp up their ambition and agree to language that a minimum of helps the UAE’s COP28 imaginative and prescient for an accelerated section down of all fossil fuels and unabated coal. Anything much less is a clear risk to progress on a clear transition and can push 1.5°C warming additional out of attain.”
On power effectivity, Annisa Sekaringtias, Senior Researcher at E3G, mentioned:
“For the primary time, the G20 power ministers agree on actions to attain the aim of doubling efforts in power effectivity, the primary gasoline within the power transition. At this level, it stays largely voluntary, placing accountability on Brazil’s presidency subsequent 12 months to encourage international locations to collaborate to translate the “Roadmap for Energy Efficiency” into actuality.
40% of emissions reductions are anticipated to occur in growing economies, which presently obtain lower than 20% of fresh power funding. The new initiative to facilitate entry to low-cost finance for power transition is thus a vital step. Multilateral improvement banks want to reply to this in October on the World Bank and IMF annual conferences and the Joint-MDB Statement at COP.”