This text is only a summary of the key statements made in the G20 Hamburg Climate and Energy Action Plan for Growth. Please refer to the original document for the original text.
With the G20 Hamburg Climate and Energy Action Plan for Growth, the G20 (with the exception of the US) decided on clear measures for implementing the Paris Agreement and commencing the global energy transition in line with the goals of the 2030 Agenda for Sustainable Development. The action plan contains a clear commitment to the long-term goals set out in the Paris Agreement (holding the increase in the global average temperature to well below two degrees and pursue efforts to limit temperature increase to 1.5 degrees, increasing ability to adapt to climate change and redirecting global finance flows). It also confirms a willingness to embark on a global energy transition, to carry out a first set of measures establishing a new and sustainable growth model for modernising the G20 economies, to strengthen competitiveness and social cohesion and to support developing countries in their transition processes.
Action plan - key points and measures:
- Move forward with the implementation of the nationally determined contributions (NDCs) and increase cooperation. Strengthen mutual learning and support non-G20 countries in implementing their NDCs through forums such as the NDC Partnership.
- Jointly work to transform our energy systems and economies into low greenhouse gas emission, affordable and reliable energy systems thereby making use of the associated opportunities for innovations, sustainable growth and job creation and jointly tackling the challenges related to this.
- Strive for an energy transition that is technically feasible and economically viable; jointly work to transform our energy systems into affordable, secure, reliable, sustainable and low greenhouse gas emission energy systems as soon as feasible and consistent with the Paris Agreement climate targets. Here, priority will be given to transforming the energy sector into a sustainable energy system.
- Develop long-term climate strategies to create incentives for long-term investments (inter alia in infrastructure). Strengthen mutual learning through forums like the 2050 Pathways Platform. With the Climate Action Plan 2050 Germany became one of the first countries to develop such a long-term strategy and can play an active role in the exchange of experiences.
- Encourage the exchange of best practices on national long-term strategies in the energy sector for the global energy transition. Global organisations such as IEA and IRENA are invited to support the process by providing regular update reports in relation to the global transformation and further investment needs.
- Strengthen international collaboration in the field of energy efficiency by creating an Energy Efficiency Hub.
- Agreement on the fact that the energy transition needs to include not only the power generation sector, but also the transport, buildings and industry sectors. Enhance renewable energy deployment in the heating, cooling and transport sectors.
- To improve access to modern and sustainable energy services for all people, particularly in Africa and the Asia-Pacific region, the implementation of previously adopted energy access plans will be continued and an expansion of activities to include Latin America will be examined. Private investments, development financing and funding from multilateral development banks will be mobilised to achieve this. The African Renewable Energy Initiative (AREI) is being explicitly mentioned. The initiative is aimed at accelerating the expansion of renewable energy in Africa.
- Reaffirm commitment to the G20 decision made in 2009 to rationalise and phase out, over the medium-term, inefficient fossil fuel subsidies that encourage wasteful consumption. Encourage all G20 members to take part in the peer review of inefficient fossil fuel subsidies.
- Create a Global Partnership for Climate and Disaster Risk Finance and Insurance Solutions aimed at increasing the resilience of the poorest people against the impacts of climate change. The purpose of the partnership is to ensure that reliable aid reaches the poorest and most vulnerable people in times of drought, storms, heavy rainfall and flooding. It will extend beyond the G20 countries and include particularly vulnerable developing countries and mobilise the private sector, scientific community and civil society to seek for joint and fair climate risk insurance solutions for the poorest sections of the population.
- A work programme to promote joint efforts for adaptation to climate change in the G20 and developing countries will be developed.
- Strive to create an enabling environment conducive to making public and private investments consistent with the goals of the Paris Agreement. This will be based on the environmental and climate risk analysis for the finance sector carried out by the G20 Green Finance Study Group and on recommendations on voluntary disclosures of climate-related financial risks by corporates drawn up by the Task Force on Climate-related Financial Disclosures.
- Reemphasise the commitment to the goal of mobilising jointly 100 billion USD per year by 2020 from public and private sources. Acknowledge pioneers in the private sector and now recognise the importance of market-based climate instruments (e.g. emissions trading schemes).
- Strengthen cooperation between multilateral development banks to support developing countries in the implementation of their commitments set out in the Paris Agreement. Multilateral development banks are called on to provide more climate finance for adaptation and mitigation projects and will be asked to further mobilise private sector finance to meet the objectives of the 2030 Agenda and the Paris Agreement.
- Maintain the political momentum for implementing the Paris Agreement. This will be achieved by keeping up the dialogue with representatives of civil society and in particular, cities, regions, businesses, investors and other non-state actors will be encouraged to continue actively supporting the implementation of the Paris Agreement.
The action plan is based on the results of the following studies, which were conducted during the German G20 Presidency:
- OECD report: Investing in Climate, Investing in Growth
- IEA and IRENA report: Perspectives for the Energy Transition: Investment Needs for a Low Carbon Energy System
- World Bank report: Sovereign Climate and Disaster Risk Pooling – Joining Forces to Manage Climate and Disaster Risks