{"id":259862,"date":"2023-09-13T20:27:43","date_gmt":"2023-09-13T14:57:43","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=259862"},"modified":"2023-09-13T20:27:43","modified_gmt":"2023-09-13T14:57:43","slug":"g20-meets-climate-action-promise-significant-but-not-enough","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/g20-meets-climate-action-promise-significant-but-not-enough\/","title":{"rendered":"G20 meet\u2019s climate action promise: Significant, but not enough"},"content":{"rendered":"\n

Source<\/strong>– The post is based on the article \u201cG20 meet\u2019s climate action promise: Significant, but not enough\u201d <\/strong>published in \u201cThe Indian Express\u201d <\/strong>on 13th September 2023<\/strong>.<\/p>\n

Syllabus: <\/strong>GS2- Global groupings<\/p>\n

Relevance- <\/strong>G20 and climate change<\/p>\n

News<\/strong>– At the recent G20 summit, there was a commitment to work towards tripling global renewable energy capacity by 2030.<\/p>\n

Why is this commitment a low hanging fruit?<\/strong><\/h2>\n

According to the International Energy Agency<\/strong>, this single action has the potential to prevent the emission of 7 billion tons of carbon dioxide by the year 2030.<\/strong><\/p>\n

It is the easiest step f<\/strong>or the G20 countries to address climate issues, even though some fossil fuel-producing nations like Russia and Saudi Arabia initially had reservations.<\/p>\n

Renewable energy adoption<\/strong> is already happening rapidly worldwide. Annual capacity expansions<\/strong> are increasing by approximately 10% each year. There is no opposition to the adoption of renewable energy<\/strong> by developing countries.<\/p>\n

As per IEA, tripling the renewable capacity by 2030 is an ambitious yet feasible aspiration. <\/strong>Annual capacity is growing at an average annual rate of about 11%<\/strong>. Slightly increasing this annual growth rate will meet the targeted 2030 capacity objective.<\/p>\n

Why is tripling renewable energy capacities within a span of seven years a challenging objective? <\/strong><\/h2>\n

Currently, the global installed capacit<\/strong>y for renewable energy is just below 3,400 GW. <\/strong><\/p>\n

In 2022, there was an addition of approximately 295 GW of new capacity<\/strong>, marking the highest increase to date.<\/p>\n

To achieve the goal of tripling the overall capacity by 2030, the world would need to incorporate nearly 1,000 GW of fresh capacity every year<\/strong>. This is the target advocated by organisations such as the IRENA, the IEA, climate activists.<\/p>\n

What are critical components to achieve this objective?<\/strong><\/h2>\n

There is a need for mobilisation of sufficient financial resources<\/strong> and the creation of opportunities. It includes infrastructure development, favourable policy environments, and skill enhancement<\/strong> in countries with limited energy access.<\/p>\n

The majority of new capacity additions<\/strong> currently occur in only a few large developing countries. Over the past five years, India and China,<\/strong> collectively, have accounted for more than 50% of the global capacity additions.<\/strong><\/p>\n

Achieving the tripling target is contingent on rapid demand growth<\/strong> in other developing nations, particularly in Africa.<\/p>\n

According to an assessment by IRENA, an annual investment of approximately $5.3 trillion <\/strong>would be necessary until 2050 to facilitate the energy transition<\/strong> required to limit the global temperature rise<\/strong> to 1.5 degrees Celsius above pre-industrial levels.<\/strong><\/p>\n

How can the International Solar Alliance play a pivotal role in\u00a0 tripling global renewable energy capacity by 2030?<\/strong><\/h2>\n

Solar energy consistently constitutes over 50% of new renewable energy capacity additions <\/strong>each year. It is central to the expansion of renewable energy sources.<\/p>\n

In 2022, out of the 295 GW <\/strong>of new renewable capacity added, 191 GW<\/strong> came from solar energy.<\/p>\n

The ISA was specifically established to accelerate the deployment of solar energy<\/strong> worldwide.<\/p>\n

The International Solar Alliance<\/strong> has collaborated with the G20 Presidency <\/strong>to expedite development in G-20 countries and address climate change <\/strong>through the promotion of solar energy utilisation. <\/strong><\/p>\n

ISA has launched the Green Hydrogen Innovation Centre<\/strong> to enhance the knowledge and capabilities <\/strong>of all nations in producing, transporting, and utilising low and zero-carbon hydrogen. <\/strong><\/p>\n

ISA is offering guarantees<\/strong> to its member countries in Africa to incentivize private sector <\/strong>investments in solar mini-grids. <\/strong><\/p>\n

ISA is cultivating entrepreneurs<\/strong> in countries that can become the leading suppliers of solar energy <\/strong>across countries and regions. It has recently identified and is strengthening 20 solar startups<\/strong> in Africa.<\/p>\n

Why is the recent G20 summit criticised for insufficient attention to the issue of climate change?<\/strong><\/h2>\n

Goal of tripling renewable energy capacity by 2030 alone would not be sufficient<\/strong> to meet the 1.5-degree Celsius temperature goal.<\/p>\n

Current projections indicate that greenhouse gas emissions<\/strong> in 2030 would exceed the levels compatible with a 1.5-degree Celsius rise<\/strong> by approximately 24 billion tonnes of CO2 equivalent. <\/strong><\/p>\n

Tripling renewable energy would only help avoid about 7 billion tonnes of CO2 equivalent,<\/strong> which is less than one-third of<\/strong> what is actually required.<\/p>\n

The G20 meeting avoided addressing most of the contentious issues, such as more substantial emissions reductions<\/strong>, the phasing out of fossil fuels,<\/strong> and the substantial mobilisation of financial resources<\/strong>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Source– The post is based on the article \u201cG20 meet\u2019s climate action promise: Significant, but not enough\u201d published in \u201cThe Indian Express\u201d on 13th September 2023. Syllabus: GS2- Global groupings Relevance- G20 and climate change News– At the recent G20 summit, there was a commitment to work towards tripling global renewable energy capacity by 2030.… Continue reading G20 meet\u2019s climate action promise: Significant, but not enough<\/span><\/a><\/p>\n","protected":false},"author":10320,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[1230,9],"tags":[212,10500,239],"class_list":["post-259862","post","type-post","status-publish","format-standard","hentry","category-9-pm-daily-articles","category-public","tag-gs-paper-2","tag-indian-express","tag-international-relations","entry"],"jetpack_featured_media_url":"","views":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/259862","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/10320"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=259862"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/259862\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=259862"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=259862"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=259862"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}