New Delhi: The G20 Energy Transition ministerial meeting has ended without a joint communique. An outcome document and chair’s summary were released, highlighting the significance of adopting biofuels and hydrogen generated using zero or low-emission technologies.
Despite the lack of consensus among members regarding the terminology of ‘green’ or ‘clean’ hydrogen, the final document stated: “Our goal is to expedite the production and use of hydrogen generated from zero and low-emission technologies, as well as the establishment of resilient and transparent global markets for these and their derivatives such as ammonia. We aim to achieve this through developing mutually agreed and voluntary standardization, alongside universally accepted and compatible certification schemes.”
“We acknowledge the necessity of exploring, diversifying, adopting, and promoting sustainable biofuels and hydrogen, generated from zero and low emission technologies, and their derivatives like ammonia. These play a crucial role in energy transitions, enhancing energy security, and addressing greenhouse gas emissions,” the document read.
It went on to highlight that members urged for a faster voluntary transfer on mutually agreed terms and the joint development and acceptance of clean, sustainable, and low-carbon energy technologies. These are generally capital-intensive and require low-cost financing from various sources.
The document outlined that the G20 is committed to enabling access to affordable finance for both existing and innovative clean and sustainable energy technologies, as a support to energy transitions.
Regarding the role of multilateral development banks and financial institutions in enhancing their financing towards energy transition, the document emphasized that to ensure rapid energy transitions, “we identify the need for international finance institutions and multilateral development banks to improve and create new mechanisms and products to foster access to affordable financing, adhering to their mandates and governance structure, and also to escalate the engagement of private finance for this purpose.”
In reference to the adverse effects of the conflict in Ukraine on the global economy, the Chair’s summary confirmed that the issue was discussed. “We reiterated our national stances, as previously stated in other platforms, including the UN Security Council and the UN General Assembly.”
However, acknowledging that the G20 platform isn’t intended for resolving security issues, it was recognized that such issues can significantly impact the global economy.
The concluding document, released post-ministerial meeting, emphasized the need to respect international law and the multilateral system that preserves peace and stability, stating that any use or threat of nuclear weapons is unacceptable. “Conflict resolution through peaceful means, addressing crises, diplomacy, and dialogue are crucial. We must ensure that the current era is not characterized by war,” it concluded.
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Updated: 22 Jul 2023, 08:14 PM IST
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