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Speaking at the G20 Leaders' Summit's first session, Modi underscored the monumental financial requirements for an inclusive energy transition in the 21st-century world to tackle climate change.
A ‘Leaders Declaration’ that mentions the ‘War in Ukraine’ and PM Modi’s 'Today’s era must not be of war' statement, the African Union's entry backed by the Indian Prime Minister, a big push for climate finance, the announcement of the India-Middle East-Europe connectivity corridor, and India's G20 presidency emerging as the biggest ever are among key takeaways
The New Delhi Leaders' Declaration cited the need of $5.8-5.9 trillion in the pre-2030 period for developing countries to implement their NDCs apart from the $4 trillion per year required for clean energy technologies to reach net-zero by 2050
The declaration noted with deep concern the immense human suffering and the adverse impact of wars and conflicts around the world.
In a major shift in climate finance vocabulary, the declaration quantified the sum required for developing countries to implement their climate goals by 2030 under Paris Agreement, $5.8-5.9 trillion, and an additional $4 trillion per year for clean energy technologies by the end of this decade to reach net zero emissions by 2050.