GLOBAL: In unprecedented commitment, G20 leaders agree to tripling renewable energy capacity by 2023, but gaps remain on fossil fuel phase out and finances

New Delhi, India – The final communiqué of the 2023 G20 Summit in New Delhi contains promising outcomes for the global transition towards a renewable energy economy. 350.org welcomes the G20’s unprecedented commitment to triple renewable energy capacity, the calls for further steps to reform the inadequate financial system, and the need for a massive increase of investment in renewable energy. However, the deal fails to address the equally important phase out of fossil fuels. The richest nations among the G20 have a clear responsibility to provide further support to meet these renewable energy investment needs.

Looking towards November and the next UN Climate Summit (COP28), it is imperative that governments harness this momentum by committing to a global renewable energy target at the same level of ambition as the G20, the swift phase out of fossil fuels alongside the development of renewable energy capacity, and ensure the money is there to finance the transition. 

Andreas Sieber, Associate Director of Global Policy at 350.org said:

 “The G20's commitment to triple renewable energy is a historic step - a glimmer of hope in our battle against climate chaos. While tripling renewable energy by 2030 may propel us back on a path to keep global heating to 1.5C, let's not celebrate just yet. We must hold them accountable, demand they phase out fossil fuels, and lead with urgency. In particular, rich nations who bear the most responsibility for climate change must provide the finance required to achieve a tripling of renewable energy capacity globally by 2030.”