At the G20 Summit in New Delhi in September 2023, countries did not make progress on committing to phase out fossil fuels. In the run-up to the COP28 held in Dubai, United Arab Emirates, the words of Secretary-General Guterres should be recalled: “The world must phase out fossil fuels in a just and equitable way – moving to leave oil, coal and gas in the ground where they belong – and massively boosting renewable investment in a just transition.”
In practice it means:
- Stopping any expansion of existing oil and gas reserves;
- Shifting subsidies from fossil fuels to a just energy transition;
- Preparing energy transition plans consistent with these actions and ready for investors.
The newest publication of Climate Transparency “G20 Acceleration Call – Time is running out for oil and gas” has three asks to accelerate climate action in the G20: higher ambition of national climate targets, stronger implementation to deliver on existing plans, and deeper cooperation to use the G20’s collective political, technological and financial power. The Call also provides practical recommendations for each G20 member.
Climate Transparency and its country experts will discuss:
- What is the role of the G20 countries as global oil and gas consumers and producers?
- What can countries do to reduce their reliance on oil and gas?
- How can international cooperation support the transition away from fossil fuels?
Oil and Gas in the G20 – Who is leading the way ahead of the COP28?
22 November 2023 (Wednesday)
14:05-14:20 G20 transition away from oil and gas
– where do we stand, where do we go
Presentation of key findings of the G20 Acceleration Call – Time is running out for oil and gas
14:20-15:00 Peak of oil and gas – once a threat, now a promise
Discussion on the role of oil and gas in different sectors and urgent need for a just transition with input from Argentina, Australia, Indonesia and the US followed by a Q&A Session.