Seven years ago, the world signed the Paris Agreement and made a commitment to keep global warming below 1.5°C. Now we have seven more years to halve global emissions so that we can actually stay within this critical limit. The fact that India holds the G20 Presidency this year is a great opportunity and at the same time a huge responsibility. The heatwaves in India and Europe last year are dramatic reminders that we have no time to lose. Germany recognises its responsibility and stands firm on its goal of becoming climate neutral by 2045.
India is a climate policy giant that still has one foot firmly on the ground of the old world of fossil fuels, while also looking to the future. India has recognised the potential that a climate-neutral world offers and wants to tap this for itself. The country has ambitious plans for developing renewable energies and vast potential for solar and wind power and green hydrogen, with great opportunities for investment.
I intend to use India’s G20 Presidency to further expand our cooperation in the field of climate and energy, to accelerate the global energy transition and particularly to work on reforming international financial institutions so that global financial flows are channelled in a sustainable direction. If India takes substantial steps to move towards the new, climate-neutral world, many other countries will follow.