Explained: How G20 Should Act And React on Energy Transitions?

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The energy transition is the process of downshifting fossil fuels and re-developing whole systems to operate on low carbon energy sources. More generally, an energy transition is a significant structural change in an energy system regarding supply and consumption.

Chandigarh(ABC Live): In year 2022, the presidency of G20, a group of world's largest economies, including both industrialised and developing nations was handed to India.

ABC Research team is keeping close watch on all events of India’s G20 Presidency will publish a research report after New Delhi G20 summit 2023.

It is pertinent to described here that 1st Energy Transitions Working Group Meeting under India’s G20 Presidency is all set to organize at Bengaluru from 5/02/2023 to 07/02/2023, wherein working group will discuss Energy Transitions.

What is Energy Transition?

The energy transition is the process of downshifting fossil fuels and re-developing whole systems to operate on low carbon energy sources. More generally, an energy transition is a significant structural change in an energy system regarding supply and consumption.

Before reporting on India’s G20 Presidency of G20, ABC Team working on India’s G20 Presidency refers a policy insight on Energy Transitions published on The G20 Insights Platform for our readers with sole aim to make them understand the options which are available to G20 for framing its policies on Energy Transitions.

The above stated policy brief says as under;

As a group of world leading countries, G20 is expected not only to pioneer ambitious actions for transition to low-carbon or decarbonized society but also to lead international cooperation in capacity development of less developed countries for implementing ambitious actions and in financing such actions.

Recommendations:

Proposal 1: G20 member countries should take a lead on enabling and facilitating the transition towards decarbonisation of consumer lifestyles through footprint assessment,strategic planning, and transition experiments.

Proposal 2: G20 member countries should promote carbon pricing, carefully designed not to cause excessive economic shocks and negative social impacts, for facilitating and promoting the transition to decarbonised society.

Proposal 3: G20 member countries must take the lead in making finance flows consistent with a pathway towards low greenhouse gas emissions and climate resilient development as part of their commitments under the Paris Agreement.
Proposal 4: G20 member countries should support more detailed preparation of funding proposals for external climate related funds including bilateral, multilateral and private funds.

Proposal 5: G20 member countries should start an initiative to prepare statistics for “activities” for all country to address climate change mitigation, starting from energy.

Proposal 6: G20 member countries should lead to utilize biennial reporting system under the Paris Agreement in order to strengthen voluntary activities by all Parties beyond transparency, and initiate institutional process to share the experiences.

For Reading Policy brief on Energy Transitions click here

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