Energy ministers from the G20 nations convened in India for a crucial meeting aimed at finding a roadmap to phase down the use of fossil fuels in the global energy mix. However, despite the urgency to address climate change, the meeting ended in disappointment as the ministers failed to reach a consensus.
A critical point of concern was the lack of any mention of coal, a significant contributor to global warming, in the final statement. Coal remains a primary energy source for several developing economies, including India and China, posing a complex challenge in the transition towards greener energy alternatives.
This lack of progress comes despite the G7 leaders’ previous agreement in Hiroshima to accelerate the phase-out of unabated fossil fuels. Global temperatures have been soaring to record highs, leading to devastating floods, storms, and heatwaves worldwide.
The stalemate in Goa arose from differing views among G20 members. While some emphasized the importance of phasing down unabated fossil fuels in line with each country’s unique circumstances, others believed that abatement and removal technologies would address environmental concerns.
In response to the lack of concrete action, a coalition of key EU economies, including Germany and France, alongside vulnerable island states, urged the G20 to expedite plans for reaching net zero emissions and eliminating fossil fuels. They stressed the urgency to peak greenhouse gas emissions by 2025 and reduce them by 43 percent by 2030 compared to 2019 levels, in line with the recommendations of UN climate experts.
Developing economies argued that the burden of transitioning away from fossil fuels should primarily rest with developed nations, which bear historical responsibility for higher emissions. They pointed out that such a transition requires substantial capital and advanced technology, while abandoning polluting fuels without affordable alternatives could lead to poverty for their large populations.
India, as the host nation, has committed to reaching net zero by 2070, 20 years later than many other countries. A report prepared for its G20 presidency estimated the annual cost of the energy transition at a staggering $4 trillion, highlighting the need for low-cost financing for developing nations and technology transfers.
However, some of the biggest energy-producing economies, such as Russia and Saudi Arabia, resisted a swift shift away from fossil fuels. Meanwhile, Emirati oil boss Sultan Al Jaber, who will lead the COP28 talks, acknowledged the inevitability and necessity of phasing down fossil fuels but was hesitant to provide a specific timeframe.
Despite the challenges and differences in opinion, the call for an accelerated transition away from fossil fuels remains urgent. The international community continues to grapple with finding a collective solution to mitigate the impacts of climate change and secure a sustainable future for the planet.