G20 countries made the resolution at a meeting held in Goa
The G20 member countries will work towards facilitating access to low-cost finance for existing as well as new and emerging clean and sustainable energy technologies for supporting the energy transitions, as per the outcome document of the meeting held in Goa on Saturday.
The outcome document on the Energy Transitions Ministers' meeting has stressed expediting the voluntary transfer on mutually agreed terms or co-development and adoption of clean, sustainable and low carbon emission energy technologies, which are often capital-intensive and necessitate low-cost financing from various sources.
The meeting, chaired by Union Power Minister R K Singh, noted the report on “Low-cost Financing for the Energy Transition” prepared under the Indian Presidency and its estimation that the world needs an annual investment of over USD 4 trillion, with a high share of renewable energy in the primary energy mix.
“We reiterate that access to low-cost financing, particularly for developing countries, is pivotal for accelerating the efforts towards energy transitions while ensuring energy access, energy security, affordability and market stability,” the document reads.
The members resolved to ensure accelerated energy transitions.
The document mentions that the delegates recognize the need for international finance institutions and multilateral development banks to enhance and develop new mechanisms and products to promote access to low-cost financing in line with their mandates and governance framework as well as to scale up the mobilization of private finance for this purpose.
“We recognize the importance of increasing finance from a variety of sources including public and private, bilateral and multilateral arrangements,” the document said.
It was resolved during the meeting to share best practices, and risk mitigation strategies, and foster international cooperation for low-cost financing solutions.
"In this context, we note the 'Voluntary Action Plan for Lowering the cost of Finance for Energy Transitions' prepared by the Indian Presidency," the document stated.