The recent ongoing G20 Summit in New Delhi brought together leaders from the world’s largest economies to discuss critical global challenges. Among these pressing issues, perhaps none is more urgent and existential than the threat of climate change and environmental sustainability. As the world grapples with the consequences of global warming, the G20 leaders took significant steps in addressing climate change, and their outcomes warrant both praise and scrutiny.
The G20 summit yielded a comprehensive set of commitments aimed at mitigating the effects of climate change and accelerating the transition to a sustainable, low-carbon future.
The need to accelerate efforts to phase down unabated coal power is a pivotal step towards curbing carbon emissions. Interestingly, the G20 recognizes that this must be done in line with national circumstances. While this acknowledgment reflects the diversity of energy profiles across G20 countries, it is crucial that such allowances do not compromise the global effort to reduce coal dependency. As a follow-up, the transition to a low-carbon economy is a monumental task, especially for developing nations. The G20 has pledged to work towards providing low-cost financing to support this transition. This commitment is commendable as it recognizes the historical responsibility of developed nations and the need to bridge the financial gap. To combat climate change effectively, it is imperative to enhance global renewable energy capacity by 2030. In fact, tripling renewable energy capacity is the most pressing demands of current time and the G20 has appropriately included it. This ambitious goal underscores the importance of renewable energy sources in reducing greenhouse gas emissions. Herein, carbon pricing is a powerful tool for incentivizing emissions reduction. The G20’s commitment to using both pricing and non-pricing mechanisms to achieve carbon neutrality and net-zero emissions is a pragmatic approach. However, achieving this target hinges on the implementation of robust policies, their implementation and enforcement and substantial investments. Sustainable finance is another important challenge but the lifeblood of green initiatives. By reiterating their commitment to scaling up sustainable finance, the G20 leaders have sent a clear message that funding the transition to a low-carbon economy is a top priority. Encouraging the private sector’s involvement in sustainable finance is equally vital.
The Paris Agreement set forth ambitious climate goals that require substantial investments. The G20 acknowledges the need for increased global investments to meet these objectives. However, this recognition must translate into concrete actions, with adequate resources allocated to climate-related projects and initiatives. Developing countries face significant challenges in implementing emission reduction targets. The G20 recognizes the need for financial support, with an estimated requirement of US$5.8-5.9 trillion in the pre-2030 period. Ensuring that these funds are disbursed effectively and equitably is crucial to realise the importance of global agenda. The call for setting an ambitious, transparent, and trackable New Collective Quantified Goal of Climate finance in 2024 is a step in this direction. However, the floor of US$100 billion a year should be seen as a starting point, not an endpoint. The G20 must continually reassess and increase its commitment to climate finance. After the successful Chandrayaan-3 and the Aditya-L3, India has further entrusted its leadership in space science by committing G20 Satellite Mission for Environment and Climate Observation. The decision to embark the G20 satellite mission is a momentous step that aligns with long-standing commitment to environmental stewardship and scientific advancement. This mission aims to utilize cutting-edge satellite technology to monitor and analyse environmental and climate-related data, providing invaluable insights into the state of our planet. This forward-looking initiative will provide invaluable data to countries in the global south, helping them make informed decisions regarding environmental and climate policies. While these commitments represent significant progress, they also raise important questions about the G20’s ability to deliver on its promises.
The credibility of these pledges hinge on several factors. First, accountability and transparency are paramount. The G20 must ensure that countries uphold their commitments and report on progress regularly. Transparent reporting mechanisms will allow for peer review and encourage countries to meet their targets. Second, financing mechanisms must be defined, established and refined. The G20 should work collaboratively to develop innovative financial instruments, promote green investments, and encourage public-private partnerships that can unlock the necessary funds for climate action. Third, the G20 should lead by example. Unlike some of the world’s largest economies, G20 nations must demonstrate their commitment to climate action by implementing robust domestic policies, rapidly transitioning to renewable energy sources, and reducing emissions in line with their fair share of the global carbon budget. Fourth, cooperation among G20 nations is essential. Climate change knows no borders, and no country can solve this crisis alone. The G20 must leverage its collective influence to foster international cooperation, support vulnerable nations, and drive global climate action. Finally, the G20 must remain adaptable. The climate crisis is evolving rapidly, and strategies that work today may need adjustment tomorrow. Flexibility in approach, policy innovation, and readiness to respond to emerging challenges will be critical. The outcomes of the G20 Summit on environment and climate change signal a collective commitment to addressing the existential threat posed by climate change. However, these commitments must be translated into concrete actions. It is imperative that G20 member states follow through on these pledges with tangible policies, investments, and international cooperation. Furthermore, the G20 must lead by example and set the pace for the rest of the world. The world looks to these major economies for leadership in the transition to a sustainable and carbon-neutral future. They must demonstrate not only the political will but also the innovation and determination to make these commitments a reality. Moreover, as the G20 member states embark on their climate action journey, they should also engage in continuous dialogue with civil society, environmental organizations, and the scientific community. Inclusivity and transparency are essential for ensuring that climate policies are effective, equitable, and sustainable. It’s worth noting that the urgency of the climate crisis cannot be overstated.
Climate change is not a distant threat; it is here and now. Therefore, the G20’s commitments must be implemented rapidly, with a sense of urgency that matches the scale of the challenge. The G20 Summit’s outcomes on environment and climate change represent a significant step in the right direction. These decisions represent a significant step towards a more sustainable and climate-resilient future, where science, technology and policy are harnessed to protect our planet for generations to come. The G20 has laid out a blueprint for a sustainable future; it is up to all of us to follow it.
P K Joshi is Professor with School of Environmental Sciences, Jawaharlal Nehru University, New Delhi. The comments here are personal opinion.
