G20 leaders for inclusive growth, flag $4 trillion a year needed for clean energy tech
G20 leaders on Saturday called for a strong, sustainable, and inclusive growth as an answer to the uneven recovery the world has seen from the pandemic-infused plunder, and flagged trillions of dollar that countries would need to meet their climate goals and clean energy technologies.
The New Delhi Declaration adopted at the Summit of leaders of the world's top 20 economies held under India's presidency also called for reforming of international financial institutions, managing debt vulnerabilities of low and middle-income countries and the start of exchange of tax-relevant information on crypto assets by 2027.
The declaration called for accelerating efforts to phase down unabated coal power, phase-out of inefficient fossil fuel subsidies and low-cost financing for energy transition of developing countries.
While developing countries need USD 5.8-5.9 trillion in the pre-2030 period for their climate goals, the world would need another USD 4 trillion per annum investment by 2030 to help reach net-zero carbon emission goal by 2050.
Stating that cascading crises have posed challenges to long-term growth, the declaration called for well calibrated macroeconomic and structural policies to counter the challenge of an uneven recovery, and boost long-term growth.
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«We will protect the vulnerable, through promoting equitable growth and enhancing macroeconomic and financial stability.»
«With notable tightening in global financial conditions, which could worsen debt vulnerabilities, persistent inflation and geoeconomic tensions, the balance of risks remains tilted to the downside. We, therefore, reiterate the
