G20 nations planning to triple renewable capacity, push for scaling up CCS technology

The G20 group of nations is planning to triple renewable capacity by 2030 while also encouraging the use of carbon capture technology to facilitate fossil fuel development. At the G20 summit in India, the group, which includes both major oil and gas producers and energy importers, will reportedly call for greater efforts to deploy technologies that reduce emissions from coal, oil, and natural gas.

This commitment to renewables could boost India’s profile as the host nation of the summit and the UAE’s position, as it is also hosting COP28.

However, the use of carbon capture technology as a way to support fossil fuel development has been met with criticism by some environmental groups. Coal-related emissions in the G20 have risen by 9% per capita since 2015, according to climate change think tank Ember. Despite emissions reductions in recent years, Australia and South Korea emit more than three times the global average in coal-related CO2 emissions. China was third.

Separately, G20 countries spent a record $1.4 trillion since COP26 in 2021 through 2022 on coal, oil, and gas, according to think tank the International Institute for Sustainable Development (IISD). This comes at a time when global efforts are being made to transition to cleaner energy sources and reduce greenhouse gas emissions.

The G20 accounts for 80% of global emissions, and the decision to support carbon capture technology alongside renewable energy expansion underscores the challenges of reaching a consensus on climate action in the group, given the diverse range of interests among its members.

Elevate your business with QU4TRO PRO!

Gain access to comprehensive analysis, in-depth reports and market trends.

Interested in learning more?

Sign up for Top Insights Today

Top Insights Today delivers the latest insights straight to your inbox.

You will get daily industry insights on

Oil & Gas, Rare Earths & Commodities, Mining & Metals, EVs & Battery Technology, ESG & Renewable Energy, AI & Semiconductors, Aerospace & Defense, Sanctions & Regulation, Business & Politics.

By clicking subscribe you agree to our privacy and cookie policy and terms and conditions of use.

Read more insights

Facing EU tariffs, Chinese biodiesel makers target Asia and marine fuel markets

Chinese biodiesel producers are actively seeking new markets in Asia and diversifying their production amid the looming imposition of anti-dumping tariffs by the European Union (EU), which has been their largest export market. Starting Friday, the EU will implement provisional anti-dumping duties ranging from 12.8%…

Nigeria’s Riverside LNG eyes groundbreaking gas supply agreement with South Africa

Nigeria-based Riverside LNG is engaged in discussions to establish a significant gas supply deal with South Africa, representing a notable milestone as it would be the first such arrangement between the two countries. Riverside LNG had previously inked a gas-export partnership agreement…

UK and India to resume free trade talks in 2024, eye strategic partnership

Britain and India will resume negotiations on a free trade agreement early next year, following a pause due to elections in both nations. Prime Minister Keir Starmer’s office confirmed the restart after his meeting with Indian Prime Minister Narendra Modi at the G20 summit in Brazil. Starmer emphasized that a trade deal…

Stay informed

error: Content is protected !!