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G20 Commits To Phase Out Inefficient Coal And Fossil Fuel Subsidies

By PTI September 09, 2023

The G20 New Delhi Leaders' Declaration acknowledges the importance of hastening the development, deployment, and dissemination of technologies to transition to low-emission energy systems

G20 Commits To Phase Out Inefficient Coal And Fossil Fuel Subsidies
Prime Minister Narendra Modi announced the adoption of the Declaration at the meeting of G20 leaders here on Saturday. DepositPhotos
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G20 countries on Saturday committed to expedite efforts to phase down unabated coal power in line with national circumstances and uphold their 2009 promise made in Pittsburgh to eliminate and rationalise inefficient fossil fuel subsidies.

According to the G20 New Delhi Leaders' Declaration, the grouping of major economies acknowledged the importance of hastening the development, deployment, and dissemination of technologies to transition to low-emission energy systems, particularly by rapidly expanding the deployment of clean power generation.

"We will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase-out and rationalise, over the medium term, inefficient fossil fuel subsidies that encourage wasteful consumption and commit to achieve this objective, while providing targeted support for the poorest and the most vulnerable," the G20 Declaration read.

It further stated, "We recognise the importance to accelerate the development, deployment and dissemination of technologies, and the adoption of policies, to transition towards low-emission energy systems, including by rapidly scaling up the deployment of clean power generation, including renewable energy, as well as energy efficiency measures, including accelerating efforts towards phase down of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions."

Prime Minister Narendra Modi announced the adoption of the Declaration at the meeting of G20 leaders here on Saturday.

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