New Delhi, Sep 7 As leaders gather for G20 Summit in New Delhi, experts on Thursday said securing consensus on multilateral development bank (MDB) reforms and adopting rigorous language regarding the phasing down of unabated fossil fuels could enhance India’s leadership role. G20 countries — responsible for 85 per cent of the world’s GDP and 80 per cent of the emissions — failed to reach consensus at the energy and climate ministers’ meetings in July on the phasing down of unabated use of fossil fuels, tripling renewable energy capacity to 11 terawatts by 2030 and providing low-cost financing to developing countries — issues critical to limiting global average temperature rise to 1.5 degrees Celsius. Despite the complexity of discussions and uncertainties surrounding energy transition and MDB reforms, there is optimism that the summit’s leaders can find a minimum consensus to demonstrate unity.
India hopes to get the governments to agree on a fossil phase down. However, if this doesn’t find place in the final text, there’s a risk of backsliding on the coal phase-down agreed upon at the Bali summit in the previous year.
At the G20 energy ministerial, Saudi Arabia led opposition to fossil fuel phase-down efforts, while the G7 nations had earlier committed to accelerating the phase-out of fossil fuels.
