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G20 to accelerate coal power reduction; aims to triple RE capacity

"We will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies...in line with national circumstances by 2030," said the declaration.

NEW DELHI: G20 countries said they will try to triple renewable energy capacity by 2030 and focus on technological development to move towards low-emission energy, according to the New Delhi declaration, which comes as a big boost to India's efforts.

"We will pursue and encourage efforts to triple renewable energy capacity globally through existing targets and policies...in line with national circumstances by 2030," said the declaration.

The move had faced opposition from Saudi Arabia, China, Russia and South Africa at the energy transition ministerial meeting in July and was moved to the chair's summary, as against the joint outcome.

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Renewable energy is the most important part of India's move towards nzero and the country has set a target to add 500 GW of non-fossil fuel-based energy by 2030.

Phasedown of unabated fossil fuel did not find space in the declaration, facing opposition from "developing countries", especially Saudi Arabia, Russia and Turkiye, according to a person aware of the matter.

However, phasedown of unabated coal power was agreed upon after a nod from India, the only country opposing it at the sherpa meeting this week. The text on this was taken straight from the Bali declaration.

"Directionally this (tripling of renewable energy capacity) was very necessary. It is also practically very difficult to move away from the position to phase down coal power," Anish De, global head for energy natural resources and chemicals, KPMG, told ET.

Picking up from the agreements made at the energy transition ministerial meeting in July, low-cost financing for energy transitiontechnologies, development of global markets for 'zero and low carbon' hydrogen and affirmation on the 'G20 High Level Voluntary Principles on Hydrogen' were part of the declaration.

"G20's agreement to triple the installation of renewable energy capacity globally is very necessary. The partnership for global infrastructure and investment to facilitate the trade of green hydrogen is also encouraging," ReNew chairman Sumant Sinha told ET.

Low-cost financing
Recognising that developing countries need to be supported in their transitions to low carbon or low emissions, the members will work towards facilitating low-cost financing for them, said the declaration.
"Concessional financing is very important for developing countries especially in the context of large capex needs and stubbornly high global interest costs," De said.

India's initiative, under its presidency, to establish the Green Hydrogen Innovation Centre steered by the International Solar Alliance got recognised.
Another of India's push, the role of grid interconnections and regional and cross-border power systems integration was recognised by the grouping.

The nations opting for civil nuclear energy agreed to collaborate on technologieslike small modular reactors.

The G20 said it was important to maintain uninterrupted flows of energy from various sources, suppliers and routes. It emphasised on exploring more ways of energy security and market stability, including investments to meet the growing demand, in line with sustainable development and climate goals.