The Group of 20 (G20), which accounts for 85% of the world's GDP and 80% of carbon emissions, recently announced at the G20 summit that it plans to accelerate cuts in coal-fired power generation, taking into account each country's unique circumstances, according to foreign media reports. However, there was no commitment to completely phase out polluting fossil fuels, including oil and gas.

In a declaration issued after the G20 summit in New Delhi, India, the member countries reaffirmed their commitment to triple the installed renewable energy capacity installed globally by 2030 and claimed to be fulfilling a commitment made in Pittsburgh in 2009 to eliminate and streamline fossil fuel subsidies.

Citing the recent Sixth Assessment Report of the Intergovernmental Panel on Climate Change (IPCC), this statement from the G20 leaders emphasized the need to peak global greenhouse gas emissions between 2020 and 2025 in order to comply with the Paris Agreement's global temperature rise target. However, it is also recognized that individual countries may have different timelines for peaking emissions, depending on sustainable development, poverty eradication, equity and national circumstances.

Recognizing the urgency of the global climate, the G20 emphasized the need for rapid and deep cuts in global greenhouse gas emissions, with a 43% reduction by 2030 from 2019 levels, to limit global warming to 1.5 degrees Celsius. However, they expressed concern that current efforts remain insufficient to meet the goals of the Paris Agreement.

To support climate programs in developing countries, the G20 has called for $5.9 trillion in funding by 2030. In addition, they estimate that global investment into developing clean energy will need to be around $4 trillion per year by 2030 to achieve the net-zero emissions target by 2050. Leaders urged a significant increase in climate finance from billions of dollars to trillions of dollars.

The G20 also called on developed countries to fulfill their commitment to double the amount of collective adaptation funding by 2025 from 2019 levels. They emphasized the importance of aligning financial flows with climate goals while scaling up finance, capacity-building and technology transfer, with a focus on the needs of developing countries.

Under the commitment agreed in 2009, the developed countries of the G20 plan to mobilize $100 billion a year in climate finance by 2025, and are on track to meet that goal by 2023. The organization has also proposed an ambitious, transparent and trackable collective quantitative goal (NCQG) for climate finance by 2024, with a minimum of $100 billion per year.

The G20 emphasized the urgency of advancing clean energy technologies and transitioning to low-emission energy systems. They committed to phasing out inefficient fossil fuel subsidies, promoting clean energy generation, and supporting a just energy transition. The declaration signaled a strong focus on the development of renewable energy, positioning it as a central pillar of global efforts to combat climate change.

Finally, the G20 reaffirmed the importance of combating climate change and accelerating the transition to clean energy. While there was no commitment to completely phase out all fossil fuels, leaders emphasized the need to increase installed renewable energy capacity and significantly reduce greenhouse gas emissions. The G20 also called for substantial financial support to developing countries and recognized the urgency of aligning financial flows with climate goals.