The Banking Executive, Issue 155, November 2021

2021 G20 Rome Summit developed countries, to the goal of mobilizing jointly USD 100 billion per year by 2020 and an- nually through 2025 to address the needs of developing coun- tries, in the context of meaning- ful mitigation actions and transparency on implementation and stress the importance of meeting that goal fully as soon as possible. In this regard, we wel- come the new commitments made by some of the members of the G20 to each increase and improve their overall interna- tional public climate finance contributions through to 2025 and look forward to new com- mitments from others. We note the Climate Finance Delivery Plan, which shows, based on OECD estimates, that the goal is expected to be met no later than 2023. We also recall the Paris Agreement aim to strengthen the global response to the threat of climate change, in the context of sustainable development and ef- forts to eradicate poverty, and that one of its goals is to make fi- nance flows consistent with a pathway towards low GHG emissions and climate-resilient development. We encourage In- ternational Financial Institutions, including MDBs, to step up their efforts to pursue alignment with the Paris Agreement within am- bitious timeframes, to support sustainable recovery and transi- tion strategies, NDCs and long- term low greenhouse gas emission development strategies in emerging markets and devel- oping economies, and to set out plans to mobilize private fi- nance, in line with their man- dates and internal approval procedures, while continuing to support the achievement of the UN 2030 Agenda. 26. We commit to significantly re- duce our collective greenhouse gas emissions, taking into ac- count national circumstances and respecting our NDCs. We acknowledge that methane emis- sions represent a significant con- tribution to climate change and recognize, according to national circumstances, that its reduction can be one of the quickest, most feasible and most cost-effective ways to limit climate change and its impacts. We welcome the contribution of various institu- tions, in this regard, and take note of specific initiatives on methane, including the establish- ment of the International Methane Emissions Observatory (IMEO). We will further promote cooperation, to improve data collection, verification, and measurement in support of GHG inventories and to provide high quality scientific data. 27. We will increase our efforts to implement the commitment made in 2009 in Pittsburgh to phase out and rationalize, over the medium term, inefficient fos- sil fuel subsidies that encourage wasteful consumption and com- mit to achieve this objective, while providing targeted support for the poorest and the most vul- nerable. 28. We acknowledge the close link between climate and energy and commit to reduce emission in- tensity, as part of mitigation ef- forts, in the energy sector to meet timeframes aligned with the Paris temperature goal. We will coop- erate on deployment and dis- semination of zero or low carbon emission and renewable tech- nologies, including sustainable bioenergy, to enable a transition towards low-emission power sys- tems. This will also enable those countries that commit to phasing out investment in new unabated coal power generation capacity to do so as soon as possible. We commit to mobilize international public and private finance to support green, inclusive and sus- tainable energy development and we will put an end to the provision of international public finance for new unabated coal power generation abroad by the end of 2021. 29. As we are recovering from the crisis, we are committed to maintain energy security, while addressing climate change, and guaranteeing just and orderly transitions of our energy systems that ensures affordability, includ- ing for the most vulnerable households and businesses. In this endeavour, we will remain vigilant of the evolution of en- ergy markets, taking into account trends over the years, and pro- mote an intensive dialogue. Ac- cordingly, the G20 in collaboration with the Interna- tional Energy Forum (IEF) will fa- cilitate a dialogue between producers and consumers to bol- ster the efficiency, transparency and stability of the energy mar- kets. We emphasize the impor- tance of maintaining undisrupted flows of energy from various sources, suppliers and routes, ex- ploring paths to enhanced en- ergy security and markets stability, while promoting open, competitive and free interna- tional energy markets. We recog- nize the role of digitalization in enhancing energy security and market stability through im- proved energy planning, while ensuring the security of energy systems against risks of attacks, including through malicious use of ICT. In addition to continuing to address traditional energy se- curity challenges, we are mind- ful that clean energy transitions require an enhanced understand- ing of energy security, integrating aspects such as the evolving share of intermittent energy sources; the growing demand for energy storage, system flexibility changing climate patterns; the increase in extreme weather events; responsible development of energy types and sources; re- liable, responsible and sustain- the BANKING EXECUTIVE 44 ISSUE 155 NOVEMBER 2021