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For Immediate Release
September, 09 2023, 10:04am EDT
Contact:
Global Communications Director: global-comms@350.org
In unprecedented commitment, G20 leaders agree to tripling renewable energy capacity by 2023, but gaps remain on fossil fuel phase out and finances
NEW DELHI, India
The final communiqué of the 2023 G20 Summit in New Delhi contains promising outcomes for the global transition towards a renewable energy economy. 350.org welcomes the G20’s unprecedented commitment to triple renewable energy capacity, the calls for further steps to reform the inadequate financial system, and the need for a massive increase of investment in renewable energy. However, the deal fails to address the equally important phase out of fossil fuels. The richest nations among the G20 have a clear responsibility to provide further support to meet these renewable energy investment needs.
Looking towards November and the next UN Climate Summit (COP28), it is imperative that governments harness this momentum by committing to a global renewable energy target at the same level of ambition as the G20, the swift phase out of fossil fuels alongside the development of renewable energy capacity, and ensure the money is there to finance the transition.
Andreas Sieber, Associate Director of Global Policy at 350.org said:
“The G20's commitment to triple renewable energy is a historic step - a glimmer of hope in our battle against climate chaos. While tripling renewable energy by 2030 may propel us back on a path to keep global heating to 1.5C, let's not celebrate just yet. We must hold them accountable, demand they phase out fossil fuels, and lead with urgency. In particular, rich nations who bear the most responsibility for climate change must provide the finance required to achieve a tripling of renewable energy capacity globally by 2030.”
350 is building a future that's just, prosperous, equitable and safe from the effects of the climate crisis. We're an international movement of ordinary people working to end the age of fossil fuels and build a world of community-led renewable energy for all.
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Since taking office 16 months ago, President Donald Trump has gone to extreme lengths to try to reverse the undeniable trend in the direction of solar power and away from expensive, planet-heating coal—but two new reports reveal how, despite Trump's relentless efforts, Americans are using renewable solar energy to power their homes and businesses more than ever.
The global energy think tank Ember revealed Wednesday that in May, for the first ever, solar supplied more of the United States' electricity than coal, at 12.8%. Coal dropped to its fourth-lowest point last month, delivering just 12.2% of electricity. Solar also became the third-largest source of electricity in May, behind gas and nuclear power.
The previous month, coal hit an all-time low, according to data from the US Energy Information Administration analyzed by Ember.
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"Solar is cheaper, cleaner, more reliable," he said. "Trump needs to end his war on clean energy and get on board with what’s best for America."
Last week's announcement is one of numerous steps Trump has taken to prop up coal, one of the fossil fuels that scientists warn are heating the planet and increasingly causing destructive extreme weather events.
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On the online news show "Breaking Points," Ryan Grim noted that solar and wind power surged in the first quarter before Trump joined Israel in waging war on Iran, a decision that sent oil prices skyrocketing.
"I would imagine the second quarter is going to see 98%" of energy generating capacity coming from solar power, said Grim.
Despite the political attacks and regulatory slowdowns... solar and storage were still 91% of all new grid capacity added in Q1.
Why? "Because solar is cheaper."
Breaking Point's @RyanGrim and @emilyjashinsky explain👇 pic.twitter.com/lhppEVqAR1
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Asked about the new inflation numbers in the Oval Office on Wednesday, Trump said, "I love it, the numbers were great."
"I love the inflation," the billionaire president continued, celebrating figures showing that the Consumer Price Index hit a new three-year high last month.
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Trump: No, I love it. I love the inflation. pic.twitter.com/vktX6C9lbk
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Fresh data released Thursday by the BLS signals that inflation isn't slowing down anytime soon. According to the BLS' latest Producer Price Index (PPI) report, wholesale prices in May posted a yearly increase of 6.5%, the fastest rate since November 2022.
Because PPI measures input costs paid by businesses, it is usually predictive of future increases in consumer, as companies pass the cost increases off to consumers.
Rep. Don Beyer (D-Va.) was among the lawmakers highlighting and condemning the president's remarks.
"Trump just said 'I love the inflation,'" Beyer wrote. "I guess he doesn’t care if you're being squeezed by higher costs as long as he and his cronies get richer."
Sen. Elizabeth Warren (D-Mass.) wrote on social media, "So there you have it: President Trump loves that you’re paying higher prices."
Andrew Mamo, a Democratic campaign adviser, said in an interview with The Hill that "every day the president says he loves something Americans clearly hate is a good day for Democrats."
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