G20 Sherpa Asks G7 To Push Net-zero Emission Target To 2040
Climate change is the world's greatest crisis and developed nations will need to push forward their emissions targets to 2040 in order to reach net-zero emissions by 2050, said G20 Sherpa, Amitabh Kant at an event hosted by the Global Energy Alliance for People and Planet (GEAPP).
The Group of Seven (G7) nations have committed to reaching net-zero emissions by 2050. China has pledged to achieve net zero by 2060 and India by 2070.
Kant added that to achieve net zero by 2050, the developed world, which has occupied almost 90 per cent of the carbon space in the world, needs to advance its net zero target to 2040.
Speaking on measures to meet the requisite funds for the energy transition, Kant stated, “G20 is a forum for economic growth and development, and its role is to build consensus among diverse stakeholders in this direction. There is no shortage of funds in the world. The world needs long-term financial instruments like blended finance, credit enhancement, first loss guarantees, etc to be able to usher in the era of energy transition.”
The Climate Finance Working Group’s estimation that Rs 118 trillion will be needed to address climate change, with only Rs 64 trillion currently available and Rs 54 trillion unrestricted, necessitates innovative financing solutions.
Kant placed a strong focus on the necessity of restructuring global financial institutions. According to him, long-term loans are necessary for developing nations' infrastructure and sustained development.
Share Of International Funds
As per the report by the Climate Policy Initiative, the share of international sources increased from 13 per cent in FY 2019 to 17 per cent in FY 2020. Domestic sources continue to account for the majority of green finance.
While acknowledging that money is never in short supply, he highlighted the inability of multilateral financial organisations to secure funding from the private sector. He stated that indirect lending is a necessary transition for multilateral lending organisations.
In order to reach the net zero target, he emphasised the significance of the Green Development Pact and its main objectives, which include the hydrogen principles, tripling RE capacity targets and the Global Biofuels Alliance.
COP28 Climate Fund Negotiations
The richest democracies in the world are represented by the G7, which consists of the US, France, the UK, Italy, Germany, Canada and Japan.
India has emphasised that the goal of reaching net-zero emissions by 2050 should be founded on the equality principle, with industrialised countries doing a better job of attaining their targets while developing countries should peak later due to their distinct sustainable development paths.
In September, to address the irreversible damage caused by climate change, developing nations suggested that a new UN fund unlock at least USD 100 billion by 2030. This proposal intends to negotiate who will pay for what at the UN COP28 climate summit.
The Need Of The Hour
UN Secretary-General Antonio Guterres has emphasised that in order to meet the 1.5 Celsius target set forth in the Paris Agreement, emissions must be cut in half by 2030 and attain net-zero emissions by 2050.
Kant also emphasised the developed countries' inability to fulfil a 2009 commitment to give developing countries USD 100 billion annually in climate finance starting in 2020.
Developing countries that are under pressure to reduce their CO2 emissions but are finding it difficult to raise the necessary funds have become more distrustful and resentful of one another as a result of this unmet promise.
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