G20 Nations Commit to Triple RE Capacity by 2030

The federation said, to attain net-zero emissions by 2050, developing economies will require approximately USD 4 trillion yearly for clean energy technologies by 2030.

September 11, 2023. By EI News Network

A pledge to work towards tripling global RE capacity by 2030 is the most remarkable climate-related output from the G20 meeting. It has the potential to have a huge impact on lowering greenhouse gas emissions and is the new, unambiguous deliverable on climate action that the G20 countries have given themselves.

G20 nations announced that they will accelerate the efforts to curtail persistent coal power to align with the national conditions though did not commit to cutting down on all polluting fossil fuels, like oil and gas.

The federation said, to attain net-zero emissions by 2050, developing economies will require approximately USD 4 trillion yearly for clean energy technologies by 2030.

The G20 also urged developed countries to meet their commitment to double their collective adaptation finance facilitation by 2025 in contrast to 2019 levels.

The developed nations in the bloc strengthened their commitment, from 2009, to jointly deploy USD 100 billion in climate finance yearly by 2020, ongoing through 2025.

The IEA stated, “Tripling renewable capacity by 2030 is an ambitious, yet achievable goal. Annual capacity additions have more than doubled from 2015 to 2022, rising by about 11 percent per year on average. Just a slightly higher annual growth rate would put renewables on track to meet the 2030 capacity target.”

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Policies & Regulations

G20 Summit

2030

Net zero emissions by 2050

Clean energy technologies

Renewable energy capacity