G20 agree on on massive renewables push, renewables push, but fail to agree on phase-out: The highly anticipated two-day meeting of G20 leaders saw governments agree to “pursue” and “encourage” tripling renewable energy capacity globally by the end of the decade, but yet again fail to reach consensus on a fossil fuels phasedown, Reuters reported on Saturday. While the declaration (pdf) — signed on the first day of the summit on Saturday — reiterated the group’s commitment to achieving net zero emissions by 2050 while acknowledging the need to phase-down unabated coal, it fell short of including commitments to reducing crude oil use or cutting emissions, the newswire added. The proposal to cut greenhouse gas emissions by 60% by 2035 was blocked by Russia, China, Saudi Arabia, and India during the drafting of the declaration, three officials told Reuters.

India and the EU announce giant India-Middle East-Europe corridor: A US-backed plan to establish an economic corridor linking Europe with tfhe Middle East and India via rail and sea is currently being drafted, Indian Prime Minister Narendra Modi and European Commission President Ursula von der Leyen announced on Saturday, The Guardian writes. ffThe planned corridor — called the Partnership for Global Infrastructure Investment — would link India, Saudi Arabia, the UAE, Jordan, and Israel to make trade quicker and cheaper. Von der Leyen describes the trade route as a “green and digital bridge across continents and civilisations,” the news outlet said. US President Joe Biden also emphasized the importance of the project and its ability to compete with China’s Belt and Road corridor. The project will assess the potential of electricity and clean hydrogen exports to enhance regional supply chains, Wam reports. The project could speed up trade between India and Europe by 40%, according to the Guardian. A working group will lay out more details on the timeline of the project within a couple of months.

KSA and the US agree to develop Asia-Europe green corridor: Saudi Arabia and the US signed an MoU to develop a protocol for building a transit corridor that connects Asia and Europe by railway and transmits renewable electricity and clean hydrogen via cables and pipelines, the Saudi Press Agency reports. The project also aims to support the development of clean energy and fiber optic cable networks while strengthening commercial trade by linking railways and ports, the news agency said.

The Global Biofuels Alliance was officially launched during the leaders summit: The Global Biofuels Alliance — founded by India, the UK, and the US, and later joined by the UAE — was officially launched during the summit in the presence of the UAE’s Foreign Affairs Minister Abdullah Al Nahyan, Wam reports. The alliance aims to boost biofuel production among its members.

Africa is joining G20 as a permanent member: The group of 20 agreed to grant the 55-member African Union — including Algeria, Egypt, Libya, Mauritania, and Tunisia — permanent membership status, Wam reports. The move gives the union — currently classified as an “invited international organization” — the same status as the EU, providing it with a stronger voice on climate change, Bloomberg wrote ahead of the summit.

EU invites G20 to join plans to set up a global carbon pricing mechanism: European Commission Von der Leyen asked G20 leaders on Saturday to join a proposal to set up global carbon pricing, Reuters reports. Speaking at the opening session of the G20 summit, Von der Leyen said that the EU's “Emissions Trading System” has helped reduce emission by 35% since 2005, while generating more than EUR 152 bn in revenues, encouraging others to follow suit. According to a World Bank report, there are currently 73 carbon pricing instruments in operation, covering around 23% of global greenhouse gas emissions. The declaration signed by the G20 group highlights the importance of regulatory mechanisms that use carbon pricing incentives to achieve net zero emissions.

A “document of the Global South”? According to the final declaration issued by world leaders, USD 4 tn of low-cost financing is needed annually for the global energy transition to ensue, and developing countries need USD 5.9 tn before 2030 to implement plans to combat carbon emissions, Bloomberg Asharq reports.

The UK will provide USD 2 bn to the UN’s Green Climate Fund: The UK will commit to provide USD 2 bn to the UN-backed Green Climate Fund (GCF) to facilitate financing to developing countries impacted by climate change, British Prime Minister Rishi Sunak said at the summit, Reuters reports. The pledge represents a 12.7% increase on the UK’s previous contribution to the GCF from 2020. Britain has already committed to spend GBP 11.6 bn (USD 14.5 bn) on international climate finance between 2021 and 2026, which government officials calculated represents 83% of the total aid budget. Several MENA countries have received funding for climate projects from the GCF, including for Egypt’s 200 MW Kom Ombo solar project and 3 GW Sohag wind farm project.

REMEMBER- The G20 member countries together account for over 80% of global emissions, making a cumulative effort by the group to decarbonise an essential element in the global fight against climate change.