Oct. 31, 2021
G20 leaders have made a soft, yet surprising, agreement to limit expansion of coal power, according to Mario Draghi, PM of Italy.
He said there was agreement at the G20 summit in Rome, to limit financing of coal.
Other highlights from Draghi:
* There was a new mood for cooperation by the G20 for climate action after Italy spoke with emerging nations about how rich countries were most to blame for the climate crisis: Draghi
Note, the Glasgow UN climate summit is underway this week and will last for two weeks at least.
- There could me more pledges by Nov. 12 that will allow increased special drawing rights from the International Monetary Fund by emerging nations, to help finance climate action. That date coincides with the last day of the Glasgow climate summit
- There’ll be more use of carbon pricing
Other key parts of the text re climate action:
Acknowledging the urgency of combating land degradation and creating new carbon sinks, we
share the aspirational goal to collectively plant 1 trillion trees, focusing on the most degraded
ecosystems in the planet, and urge other countries to join forces with the G20 to reach this global goal
by 2030, including through climate projects, with the involvement of the private sector and civil
Recognizing that G20 members can significantly contribute to the reduction of global greenhouse gas emissions, we commit,
in line with the latest scientific developments and with national circumstances, to take further action
this decade and to formulate, implement, update and enhance, where necessary, our 2030 NDCs, and
to formulate Long-Term Strategies that set out clear and predictable pathways consistent with the
achievement of a balance between anthropogenic emissions and removal by sinks by or around midcentury, taking into account different approaches, including the Circular Carbon Economy, socioeconomic, economic, technological, and market developments, and promoting the most efficientsolutions…
We will cooperate on deployment and dissemination of zero or low carbon emission
and renewable technologies, including sustainable bioenergy, to enable a transition towards lowemission power systems. This will also enable those countries that commit to phasing out investment
in new unabated coal power generation capacity to do so as soon as possible. We commit to mobilize
international public and private finance to support green, inclusive and sustainable energy development
and we will put an end to the provision of international public finance for new unabated coal power
generation abroad by the end of 2021….
We ask the different G20 work streams to act in synergy, within their respective mandates and while avoiding
duplication, to inform our discussions on the most appropriate policy mix to move towards lowgreenhouse gas emission economies, taking into account national circumstances. Such policy mix
should include investment in sustainable infrastructure and innovative technologies that promote
decarbonisation and circular economy, and a wide range of fiscal, market and regulatory mechanisms
to support clean energy transitions, including, if appropriate, the use of carbon pricing mechanisms
and incentives, while providing targeted support for the poorest and the most vulnerable…..
Sustainable finance is crucial for promoting orderly and just transitions towards green and
more sustainable economies and inclusive societies, in line with the 2030 Agenda for Sustainable
Development and the Paris Agreement. We welcome the establishment of the G20 Sustainable Finance
Working Group (SFWG) and we endorse the G20 Sustainable Finance Roadmap and the Synthesis
Report. The Roadmap, initially focused on climate, is a multi-year action-oriented document,
voluntary and flexible in nature, which will inform the broader G20 agenda on climate and
sustainability. We recognise the importance of gradually expanding the Roadmap’s coverage to
include additional issues, such as biodiversity and nature as well as social matters, based on mutual
agreement by G20 members in the coming years.