G20 leaders have reaffirmed their commitment to reducing reliance on fossil fuels following discussions in Washington this week, according to a ministerial statement released on Friday.
Reflecting on pledges made at last year’s COP28 summit in Dubai, the statement highlighted the urgency of accelerating climate action during this “critical decade” to achieve net-zero emissions by 2050, in alignment with scientific recommendations. It also noted that the transition from fossil fuels must be carried out in a “just, orderly, and equitable manner.”
This statement follows a meeting on Thursday of G20 foreign affairs, finance, environment, and climate ministers, as well as central bank governors.
“We welcome and fully endorse the ambitious and balanced outcomes of the UN Climate Change Conference in Dubai (COP28),” the group stated.
Established in 1999, the Group of 20 unites 19 of the world’s major economies, along with the European Union and, more recently, the African Union. Its members include significant oil producers such as Saudi Arabia, Mexico, and Russia.
These latest discussions coincided with a gathering of global financial leaders in Washington, hosted by the International Monetary Fund and the World Bank.
After decades of sidestepping the main contributor to global warming, UN member states last year, for the first time, endorsed a shift away from fossil fuels. The COP28 resolution was supported by nearly 200 countries, acknowledging fossil fuels as the source of about three-quarters of all human-generated emissions.
Non-governmental organisations have urged the G20 to expedite climate action, with UN Secretary-General Antonio Guterres cautioning on Thursday that humanity is “paying a terrible price” for delayed action on global warming. His remarks come just weeks before the UN COP29 climate summit in Baku, Azerbaijan.
Guterres stressed that wealthy G20 economies must increase their ambition in the next round of climate pledges, known as Nationally Determined Contributions (NDCs), due in early 2025.
A recent report by the UN Environment Programme underscores the next decade as pivotal in the battle against climate change, warning that without urgent action, the goal of limiting global warming to 1.5 degrees Celsius will slip out of reach. Current climate efforts are projected to lead to a 3.1°C rise in temperatures by century’s end, with even full adherence to existing pledges still risking a rise of 2.6°C above pre-industrial levels.