Developing nations need $5.8-5.9 trillion to meet climate goals
climate action funding in trillions of dollars instead of billions, pursue efforts to reach net zero target commitment by mid-century, triple renewable energy capacities by 2030 and reduce inefficient fuel subsidies in line with national circumstances, said the G20 New Delhi Declaration.
In a major shift in climate finance vocabulary, the declaration quantified the sum required for developing countries to implement their climate goals by 2030 under Paris Agreement, $5.8-5.9 trillion, and an additional $4 trillion per year for clean energy technologies by the end of this decade to reach net zero emissions by 2050.
This is said to be the first such quantification on climate finance at the G20.
«In this regard, it is essential to align all relevant financial flows with these objectives while scaling up finance, capacity building and technology transfer on voluntary and mutually agreed terms, taking into account the priorities and needs of developing countries,» the declaration said as part of the 'Green Development Pact for a sustainable future'.
Multilateral banking reforms and blended climate finance models apart, a multi-year G20 Technical Assistance Action Plan (TAAP) is envisaged to address data related barriers for climate investments.
It also urged parties to set «an ambitious, transparent and trackable New Collective Quantified Goal (NCQG) of climate finance in 2024, from a floor of $100 billion a year», taking into account the needs and priorities of developing countries in fulfilling the objective of the UNFCCC and implementation of the Paris Agreement.
On the long awaited $100 billion Green Climate Fund goal, the declaration said it will be met for the first time in 2023 by developed country contributors.
«Recall
