G20 ministerial meetings likely to set tone for forum’s approach ahead of COP28

G20 ministerial meetings on clean energy, energy transition, the environment, and climate sustainability this month in Goa and Chennai are expected to set the tone for the Intergovernmental forum’s approach ahead of the UN Climate Meeting (COP28) in Dubai in November. The forum’s member countries are responsible for 80% of global emissions.

The rich and emerging economies such as the United States (US), China, and India, which are part of the forum, along with the European Union (EU) have varied environmental priorities based on their status and historical contribution to emissions.

India assumed the forum’s presidency in December. It is hosting global leaders and a series of meetings related to 32 sectors across the country this year under the aegis of G20.

The clean energy ministerial is scheduled in Goa on July 21 and 22. The two-day energy transitions meeting will conclude on July 20. The environment and climate sustainability ministers will meet on July 28 in Chennai.

Increasing renewable energy goals, phasing down fossil fuels, and the Paris Agreement’s goal of keeping global warming under 1.5°C above pre-industrial levels are among the main issues that will be deliberated.

The High Ambition Coalition (HAC), a group of developed and island nations such as Vanuatu, France, Denmark, Sweden, Netherlands, and Marshall Islands that ally in climate talks, issued an open letter on Wednesday calling on G20 ministers to resolve to phase out fossil fuels.

“As the G20 ministers meet in India over the next few weeks, the clear and pressing danger posed by the climate crisis must be at the forefront of discussions…the G20 ministers must demonstrate their leadership in placing the earth on track for a future within the 1.5-degree C temperature limit, which is resilient to the climate shocks already affecting the world’s most vulnerable communities. We cannot afford an overshoot of 1.5 degrees C. Accelerating our efforts to achieve a just transition and keep the temperature limit in reach is critical.”

The letter said remaining within 1.5°C will require peaking greenhouse gas emissions by 2025 at the latest and reducing them by 43% by 2030 compared to 2019 levels. “Revised 2030 Nationally Determined Contributions that align with the 1.5-degree C limit, and new 2035 NDCs that keep nations on that pathway, are crucial. We will not stay within 1.5 degrees C without reducing fossil fuel production. Further fossil fuel expansion risks rendering the eventual transition more expensive and disruptive to economies and societies.”

The letter said phasing out fossil fuels will not be easy, but humankind cannot afford to delay. “We must bring the fossil fuel era to an end together, and agree to a plan to do this at COP28.”

It is easier said than done. G20 member countries have very different priorities. The developed nations have been calling for ambitious mitigation action both from them and developing countries with no reference to historical responsibility and discussions on scaling up finance for the energy transition in developing nations.

In line with the Paris Agreement’s principles of equity and common but differentiated responsibilities, developing countries have sought an agenda on finance for scaling up mitigation action. US-led developed countries and the EU say existing mechanisms address the issue of finance.

A communique from the G20 energy ministers on July 22 was expected to provide a common view of the member countries. It is also likely to provide specific targets for renewable energy, particularly solar and wind.

International Renewable Energy Agency director general Francesco La Camera said despite recent record-breaking global investments in renewable energy, a growing disparity between the Global North and Global South persists, with developing and emerging markets consistently receiving significantly lower levels of investment.

“India has a comprehensive knowledge of the renewable energy sector and a deep understanding of the challenges faced by developing countries when accessing low-cost climate finance. As G20 President, the country can leverage this experience to address these imbalances and ensure an energy transition that leaves no nation behind,” he said.

Harjeet Singh, who heads global political strategy at Climate Action Network International, said G20 countries also bear the weight of contributing most of the world’s carbon emissions as they represent the lion’s share of the world’s economy and trade. “Now more than ever, they carry a profound responsibility to not only plan but also lead the world towards a greener and more equitably just transition. Their commitment to this cause should be reflected both domestically and beyond their borders. In particular, the G7 nations within this larger group, which reaped substantial benefits from early industrialization, have an undeniable historical responsibility for global climate action.”

Singh called it incumbent upon them to act swiftly, providing both necessary financial resources and advanced technologies to developing nations. “The future of our planet is inextricably linked to their actions and commitments.”

Institute for Energy Economics and Financial Analysis director (South Asia) Vibhuti Garg called for a need for tripling of finance to meet climate targets as per the International Energy Agency. “G20 needs to provide the right infrastructure design to attract both public and private capital from domestic and international sources. G20 should push for the enhancement of the finance targets and bring more transparency and accountability principles in place. Also, build enough safeguard mechanisms so that finance is used in a just and equitable manner.”

Dhruba Purkayastha from the Climate Policy Initiative called for a strategy to increase real concessional finance for developing countries as the current level of blended finance is minuscule. “There should be clarity on finance for energy transition and multilateral bank financing should be directed for adaptation efforts in most vulnerable countries.”