RIO DE JANEIRO - The G20 Leaders' Summit in Rio de Janeiro has concluded, with significant announcements regarding sustainable development, energy transition, and climate action.
From XINHUA
RIO DE JANEIRO - The G20 Leaders' Summit in Rio de Janeiro has concluded, with significant announcements regarding sustainable development, energy transition, and climate action.
The leaders reaffirmed their commitment to multilateralism in tackling climate change, adhering to the principle of common but differentiated responsibilities and respective capabilities. They reiterated the temperature goals of the Paris Agreement, aiming to limit the global average temperature increase to within 2°C above pre-industrial levels and striving for 1.5°C. The goal of achieving global net-zero greenhouse gas emissions or carbon neutrality by mid-century or around that time was also emphasized. Nations are being encouraged to formulate their next round of Nationally Determined Contributions (NDCs).
The G20 pledged to work together to foster a conducive and open international economic system that enables all countries to achieve sustainable economic growth while more effectively addressing climate change. It was noted that measures against climate change, including unilateral ones, should not be used as means of arbitrary or unjust discrimination or disguised trade restrictions. There was a call for a substantial increase in climate financing and investment for developing countries, with an urgent need to scale up climate funds to the trillion-dollar level. The implementation of the G20 Sustainable Finance Roadmap was underlined, and Brazil's establishment of a "Global Mobilization Task Force on Climate Change" was welcomed. Support was extended for the success of COP29 under the UN Framework Convention on Climate Change, and anticipation was expressed for new collective quantified targets in climate financing.
In a bid to boost the renewable energy sector, the G20 leaders declared their support for efforts to triple global renewable energy capacity by 2030, along with doubling the annual rate of energy efficiency improvement, based on existing goals and policies that are customized to individual national circumstances. They also backed the implementation of other zero-emission and low-emission technologies by 2030, such as carbon reduction and removal technologies. The phasing out of inefficient fossil fuel subsidies that lead to waste was advocated, while appropriate regulation was also deemed necessary. The sustainable sourcing of critical raw materials, semiconductors, and technology supply chains was promoted.
On biodiversity and environmental fronts, the leaders committed to the comprehensive and effective implementation of the Kunming-Montreal Global Biodiversity Framework. Sustainable forest management and the fight against deforestation were emphasized. The importance of adhering to WTO rules and multilateral environmental agreements, and avoiding discriminatory green economy policies was highlighted. The adoption of sustainable production and consumption patterns, as well as lifestyles that promote sustainability, was encouraged. There was a firm commitment to ending plastic pollution. The leaders also extended support for the Third United Nations Ocean Conference in 2025 and vowed to continue implementing the G20 Bioeconomy Initiative in 2025.