Climate change stands as the most significant global crisis, and to attain the net-zero target by 2050, developed nations should accelerate their emissions reduction goals to 2040, as asserted by India's G20 Sherpa, Amitabh Kant, on Wednesday. Kant made these remarks while speaking at 'The Energy Transition Dialogues' event, organised by ORF. He pointed out that 80 percent of global economic growth will stem from emerging economies.
Kant stressed the urgency of addressing climate change, stating, "Climate change is the most pressing crisis before us, and the impetus for change should largely come from G7 countries and China."
The concept of net-zero emissions implies that no additional emissions are added to the atmosphere.
He argued, "To achieve net-zero by 2050, the developed world, which has historically accounted for nearly 90 percent of the world's carbon emissions, should expedite its net-zero target to 2040." India has committed to achieving net-zero emissions by 2070 and China by 2060, while the G7 nations have pledged to reach net-zero emissions by 2050.
Kant emphasised the necessity of restructuring international financial institutions, advocating for long-term financing to support sustainable development and infrastructure in developing countries. He expressed disappointment in multilateral financing agencies' inability to mobilise funds from the private sector and encouraged them to transition towards indirect lending.
He also highlighted the significance of the Green Development Pact, which includes key objectives like hydrogen principles, triple renewable energy capacity targets, and the Global Biofuels Alliance, in advancing the net-zero target.
The G7 comprises the United States, France, the United Kingdom, Italy, Germany, Canada, and Japan, representing the world's wealthiest democracies.
India has recently emphasised that the objective of achieving net-zero emissions by 2050 should be rooted in equity, with developing nations reaching their emissions peak later due to their unique sustainable development paths, while developed countries should aim for net emissions reductions.
UN Secretary-General Antonio Guterres has also stressed the importance of halving emissions by 2030 and achieving net-zero emissions no later than 2050 to meet the Paris Agreement's 1.5-degree Celsius goal.