On October 24, 2024, G20 leaders released a statement reaffirming their dedication to phasing out fossil fuels and achieving net-zero emissions by 2050. The announcement followed high-level meetings in Washington, where foreign, finance, environment, and climate ministers, as well as central bank governors, gathered to discuss global climate priorities.
The statement reiterated commitments made at last year’s COP28 summit in Dubai, calling for accelerated action during this “critical decade.” Leaders emphasized that the transition from fossil fuels must be conducted in a “just, orderly, and equitable” manner, ensuring fairness and inclusivity as economies adapt to cleaner energy sources.
UN Secretary-General Antonio Guterres issued a stark warning, highlighting the “terrible price” humanity is paying for climate inaction. He urged G20 nations—responsible for a significant portion of global emissions—to increase ambition in their next climate pledges, known as nationally determined contributions (NDCs), due by early 2025.
A recent report by the UN Environment Programme underscored the urgency of these efforts, warning that without decisive action, global warming could reach a catastrophic 3.1°C above pre-industrial levels by the end of the century. Even with current pledges, temperatures are projected to rise by 2.6°C—well above the 1.5°C limit outlined in the Paris Agreement.
The G20, which includes major oil-producing nations such as Saudi Arabia, Mexico, and Russia, faces growing pressure from non-governmental organizations to accelerate climate action. Fossil fuels remain the largest contributor to global emissions, driving three-quarters of all human-caused greenhouse gases.
This week’s meetings coincided with gatherings of world financial leaders hosted by the International Monetary Fund and the World Bank. As the world looks ahead to the UN COP29 climate summit in Baku, Azerbaijan, calls for urgent and transformative action have never been louder.
The next decade, experts warn, will determine the trajectory of global efforts to combat climate change and avoid the most severe impacts of a warming planet.
