Amid a year of ongoing geopolitical tensions with energy and supply chains at the heart, record growth in renewable energy and a marked slowdown of fossil fuel demand growth, the G20 energy ministerial was an important temperature take over how the geopolitics of the energy transition are playing out.
Despite the best efforts of the Indian presidency, G20 energy ministers were unable to make the progress needed on setting an unambiguous global goal of at least tripling renewable energy capacity to 11GW by 2030, together with implementation strategies to achieve that goal.
They also failed to acknowledge the necessity of phasing down the production and use of fossil fuels — the main driver of the climate impacts ravishing the planet. Ministers did not even reiterate last year’s recognition of the need to accelerate the phasedown of unabated coal generation.
Progress was made on stepping up energy efficiency and deployment of distributed renewable energy technologies, and ministers recognised the need to increase basic energy access and provide low-cost finance for the clean energy transition in developing countries.
The Indian presidency should push for a stronger outcome at the G20 leaders’ summit in Delhi in September. This also clearly shows the hard work ahead for the United Arab Emirates in building support for its recently set-out vision for COP28 in Dubai.