climate finance: On Wednesday, the Virtual G20 Leaders’ Summit will assess the progress made toward implementing the decisions made by the Leaders in September, while India continues to press for the prompt implementation of key initiatives like energy transitions and climate finance.
The virtual summit will mark the conclusion of the Indian Presidency in 2023. On September 9–10, in New Delhi, G20 leaders convened in person and reached agreements on 205 issues.
“The digital summit will present a platform not just for deliberating the execution of the Leaders’ Declaration, but also for leaders to exchange perspectives and bolster collaboration on pivotal challenges we encounter. It aims to tackle gaps in global governance, uphold our ongoing pledges to the Sustainable Development Goals (SDGs), and progress towards a revitalized multilateral framework that is strategically positioned to make a positive impact on the lives of people,” expressed Amitabh Kant, the G20 Sherpa for India.
Significant advancements on important G20 goals and objectives have been made in the last two months.
The main goals of COP 28, which will take place in Dubai from November 30 to December 12, are the G20 consensus on tripling the world’s capacity for renewable energy by 2030 and doubling the rate at which energy efficiency is improving globally by 2030. These goals were first stated by G20 Leaders in Delhi. The United Nations Conference on Climate Change in 2023 is referred to as COP 28.
An important outcome of our Presidency was the announcement of USD 5.8-5.9 trillion and USD 4 trillion annually for the implementation of National Determined Contributions (NDCs) and clean energy technologies for developing countries. We will continue to collaborate with the Brazilian Presidency to mobilize these resources for the global south.
Regarding multilateral development banks (MDBs), Germany has committed to providing Euro 35 million in hybrid capital, which will allow the World Bank to issue an additional $2.5 billion in IBRD loans over the next ten years. The US administration has asked Congress for funding to unlock $25 billion in IBRD.
Finalized November 13, was the 2023 G20 New Delhi Update. This report provides an in-depth analysis of the contributions made by the Indian Presidency to the G20’s progress toward achieving the Sustainable Development Goals.
