The G20 group of countries under India’s presidency flagged concerns about “insufficient” global action to address climate change and the need for enhanced finance, including $5.8 trillion to $5.9 trillion by 2030 for climate actions by developing countries.

The G20 “leaders’ declaration” released at the bloc’s New Delhi summit on Saturday also noted that the world needs an annual investment of $4 billion per year for clean energy technologies by 2030 to reach net-zero emissions by 2050.

The declaration, in sections on climate and energy, said the bloc would encourage efforts to triple renewable energy capacity globally by 2030 and accelerate efforts towards phasedown of unabated coal power, in line with national circumstances.

Climate policy analysts noted that the declaration has maintained status quo on coal, not introducing any new language from the last G20 meeting. Some said this was not surprising given that G20 accounts for 93 per cent of global operating coal power plants and 88 per cent of new unabated coal-fired plants.

The declaration has “reiterated” the G20 bloc’s resolve to pursue further efforts to limit the rise in the global average temperature to 1.5 degrees Celsius above pre-industrial levels. This, the declaration said, would require “rapid, deep and sustained reductions” in Earth-warming greenhouse gas emissions of 43 per cent by 2030, relative to the 2019 levels.

Amid scientific consensus that global emissions need to peak by 2025 to limit warming to 1.5 degrees Celsius, the declaration also noted that timeframes for peaking may be shaped by sustainable development, poverty eradication needs, equity and in line with different national circumstances.

On climate finance issues, the declaration said the developed countries had committed in 2010 to jointly mobilise $100 billion per year and annually up to 2025 for the developing countries. “Developed country contributors expect this goal to be met for the first time in 2023,” the declaration said.

It has called on parties to establish an “ambitious, transparent and trackable new collective quantified goal of climate finance in 2024, from a floor of $100 billion a year, taking into account the needs and priorities of the developing countries in fulfilling their climate actions.