New Delhi: In what can be seen as a major push towards renewable energy investment, the G20 members on Saturday agreed on phasing out unabated coal power, trebling investment in renewables and doubling targets under energy efficiency by 2030 for a smoother energy transition and took note of the creation of Global Biofuel Alliance.
Prime Minister Narendra Modi on Saturday announced the launch of the Global Biofuel Alliance and urged G20 nations to join the initiative with a plea to take ethanol blending with petrol globally to 20 percent.
According to the G20 Delhi Declaration, the members stated: "Recognize the importance of sustainable biofuels in our zero and low- emission development strategies, and note the setting up of a Global Biofuels Alliance."
The members also agreed on the need to increase the investment in renewable energy. They agreed to "take note of the Voluntary Action Plan on Doubling the Rate of Energy Efficiency Improvement by 2030".
The G20 member countries also agreed to phase out the subsidies on fossil fuels in the medium term and stressed their commitment to phasing out unabated coal power. However, they have not given any timeline for phasing out unabated coal power.
"Will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase-out and rationalise, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable."
The G20 Declaration says, "Will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies, as well as demonstrate similar ambition with respect to other zero and low-emission technologies, including abatement and removal technologies, in line with national circumstances by 2030."
We also note the Voluntary Action Plan for Promoting Renewable Energy to Accelerate Universal Energy Access' ... Pledge to advance cooperation initiatives to develop, demonstrate and deploy clean and sustainable energy technologies and solutions and other efforts for innovation," it stated.
G20 nations have noted the annual investment in energy transition at USD 4 trillion with a high proportion of renewables in the energy mix.
They said that they will work towards facilitating access to low-cost financing for developing countries, for existing as well as new and emerging clean and sustainable energy technologies and for supporting the energy transitions.
"We note the report on "Low-cost Financing for the Energy Transitions" prepared under the Indian Presidency and its estimation that the world needs an annual investment of over USD 4 trillion, with a high share of renewable energy in the primary energy mix."
They stated that they recognise the importance of accelerating the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards phasedown of unabated coal power, in line with national circumstances and recognizing the need for support towards just transitions.
Recalling our collective actions to stem earlier global crises, we are determined to steer the world out of its current challenges and build a safer, stronger, more resilient, inclusive and healthier future for our people and the planet, they said.