The International Energy Agency (IEA) and Business 20 have called on the G20 Leaders to accelerate clean energy transitions for a resilient recovery in a joint statement.
Business 20, the official voice of the global business community across the G20, and IEA made the call in the context of a series of G20 Ministerial meetings involving ministers of environment and energy.
The statement recommends policy options that aim to spur the much needed investment cycle in G20 countries to meet the energy transition.
These include accelerating the deployment of existing low-emissions and emissions-neutral technologies, and boosting innovation in crucial technology areas including hydrogen, batteries, and carbon capture utilisation and storage.
They also called for the enhancement of energy market stability by improving global energy data transparency and evaluating energy market risks, taking steps to secure energy systems and providing access to affordable and uninterrupted flow of clean energy for all.
The statement also calls for the implementation of energy pricing and tax reforms, using the revenues to finance a just transition.
B20 chair Yousef Al-Benyan said: “The Covid-19 pandemic with historically low energy prices is a unique opportunity for governments to enact policies that steer their clean energy transitions at low financial, political and social cost.”
IEA executive director Fatih Birol (pictured) said: “Mobilising the critical investments for meeting international energy and climate goals requires a grand coalition spanning governments, companies, investors and citizens.
“The IEA is pleased to work with the G20 and B20 to accelerate the major deployment of clean energy technologies that we need to build more sustainable and resilient energy systems.
“Despite the challenges we face from the Covid-19 crisis, stronger clean energy actions and ambitions from a growing number of governments and companies around the world make me increasingly optimistic for the future.”