New Delhi: Thursday, when world leaders convene in New Delhi for the G20 Summit, experts stated that India may strengthen its leadership position by winning consensus on changes to multilateral development banks (MDBs) and by adopting strong language addressing the phase-out of unchecked fossil fuels. Issues crucial to limiting global average temperature rise to 1.5 degrees Celsius were not resolved at the energy and climate ministers' meetings in July, even though G20 countries account for 85% of global GDP and 80% of emissions. These issues include the phasing down of unrelenting use of fossil fuels, tripling renewable energy capacity to 11 terawatts by 2030, and providing low-cost financing to developing countries. Summit attendees are keeping their fingers crossed that world leaders can reach at least a basic level of agreement on energy transition and multilateral development bank (MDB) reforms.
India wants the governments to commit to reduce their use of fossil fuels. A reversal of the coal phase-down agreed upon at the Bali summit the previous year is possible if this does not make it into the final text.
While the G7 nations had previously pledged to speeding up the phase-out of fossil fuels, Saudi Arabia led opposition to these efforts at the G20 energy ministerial.—Inputs from Agencies
