homeenvironment NewsWhy the G20 bloc failed to reach an agreement on cutting down fossil fuels

Why the G20 bloc failed to reach an agreement on cutting down fossil fuels

Energy transition is the need of the hour to fight global warming and climate change. However, Saturday's G20 energy transitions working group (ETWG) meeting failed to reach an agreement after a few disagreements between the member nations.

By CNBCTV18.com Jul 24, 2023 11:55:06 AM IST (Published)

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The Group of 20 (G20) major economies meeting in Goa, India, which concluded on Saturday, July 22, failed to reach a consenus on cutting down fossil fuels. This was the G20's fourth energy transitions working group (ETWG) meeting.
Energy transition is the need of the hour to fight global warming and climate change. However, Saturday's meeting failed to reach an agreement after objections by some producer nations. The G20 member countries collectively account for more than three-quarters of global emissions as well as GDP. The group's cumulative effort towards decarbonising is critical in combating climate change.
Disagreements such as the intended tripling of renewable energ capacities in the next seven years resulted in the issue of an outcome statement and chair summary instead of a joint communique at the end of the four-day meeting in Goa, news agency Reuters reported. A joint communique is ussed when all member nations are in complete agreement on all issues.