Mobilise additional resources for climate finance through a broader adoption of carbon pricing and carbon markets, said European Commission president Ursula Von Der Leyen
The European Commission on Saturday urged G20 countries to agree to global targets on tripling renewable energy capacity and doubling energy efficiency by 2030, seen as critical to limiting the global average temperature increase to 1.5 degrees Celsius.
Addressing the "One Earth" session at the G20 Leaders' Summit in New Delhi here, European Commission President Ursula von der Leyen emphasised the urgency of addressing climate change, saying: "Climate change is man-made. So, it means we can fix it."
She underscored the disproportionate impact of climate change, noting that G20 countries are responsible for a staggering 80 per cent of global greenhouse gas emissions, while Africa, with less than 4 per cent of emissions, is among the most affected.
The European Commission president reminded the G20 countries that "we are about to miss our objective of limiting global warming to 1.5 degrees".
"So, it is absolutely critical that we maintain our path of 1.5 degrees. Only what gets measured gets done, we know this principle. We need to triple renewable energy capacity and double energy efficiency until 2030 if we are to reach our goal of limiting temperature increases to 1.5 degrees," she said.
She called for a global commitment at COP28 for renewable energy and energy efficiency targets to be reached by 2030, saying such global goals would serve as benchmarks for tracking progress and provide predictability to the private sector.
Addressing the financial aspect of climate action, von der Leyen said delivering on the USD 100 billion climate finance target this year is a must.
"The EU is doing its fair share, with USD 27 billion delivered in 2021, and I want to assure you that we will continue to do so," she said.
The European Commission president urged the G20 countries to mobilise additional resources for climate finance through a broader adoption of carbon pricing and carbon markets.
She said only 23 per cent of the global emissions are currently covered by a carbon price sufficient to meet the Paris Agreement goals and added that the European Union's Emissions Trading System reduced emissions by 35 per cent and generated over 152 billion euros in revenue since 2005.
Von der Leyen said the EU has already unveiled a "Call for Action for Paris Aligned Carbon Markets", an initiative aimed at covering at least 60 per cent of global emissions with carbon pricing mechanisms and allocating a significant portion of the revenues to support green technologies and vulnerable communities in developing countries and emerging markets.
She said the EU plans to invest at least 4 billion euros in renewable energy and hydrogen in developing economies over the next five years through the "Global Gateway" plan.
This initiative not only focuses on financial investments but also aims to facilitate technology sharing and attract private capital, essential elements in the fight against climate change.
Von der Leyen also drew attention to the intertwining challenges of climate change and food security, particularly in the context of the Russia-Ukraine conflict.
She called on Russia to permit the export of grain from Ukraine through the Black Sea, emphasising the critical role of food stability in global security.
Von der Leyen reiterated the EU's commitment to facilitate the movement of grain through land routes. However, she said it's important for grain to travel by sea to stabilise global prices and prevent food insecurity.