The group of 20 nations will aim to triple renewable energy capacity by 2030, although it also offered support for technology that can sustain fossil fuel use, allaying concerns from Russia and Arabia Saudi Arabia that had previously stalled a deal.
Members will pledge to “pursue and encourage” efforts to meet the goal of increasing clean energy generation, according to people familiar with the negotiations.
The bloc will also call for a similar push to deploy abatement technologies such as carbon capture that can reduce emissions from the use of gas, coal and oil, said some of the people, who asked not to be named because the details are not. still public
Still, the result offers new impetus to the energy transition after global concerns about security of supply and costs have begun to erode progress in a shift away from fossil fuels. It also gives a boost to G-20 host Narendra Modi ahead of the weekend summit in New Delhi and the United Arab Emirates, host of this year’s COP28 climate meeting, who had urged major nations to support the renewables plan.
A spokesman for India’s renewable energy ministry declined to comment on the talks.
Discussions among G-20 energy ministers in July ended without agreement after Saudi Arabia and Russia, among the world’s biggest fossil fuel exporters, blocked a proposed pledge to triple renewable energy, he said at the time the German Minister of Economy, Robert Habeck.
Some Middle Eastern nations had called in those talks for greater use of carbon capture or other emissions-reduction technologies to tackle emissions problems, India’s Energy Minister Raj said Kumar Singh to reporters after this meeting.
Carbon capture technology aims to trap carbon dioxide released as fuels are burned in places including power stations, with the aim of limiting climate impact. The operations have struggled to overcome technical hurdles or reach large scale, and currently capture around 0.1% of annual global emissions. Climate advocates deride the process as an excuse for oil giants to maintain fossil fuel production.
Increasing renewable energy capacity is seen as crucial to helping meet climate goals because power generation accounts for about a third of global emissions.
Despite record solar and wind adoption in China, and accelerating deployments in Europe and North America, the world remains heavily reliant on coal and gas for electricity. Coal consumption hit a record in 2022 and will remain flat this year, the International Energy Agency said in July.
–With the assistance of Michael Nienaber and Alberto Nardelli.
