EU to invest 4 bn euros in renewables sector in developing economies

European Commission President Ursula von der Leyen has said the EU will invest at least four billion euros in renewable energy and hydrogen in developing economies through its Global Gateway plan in the next five years.

"Global Gateway is also about sharing technology and re-risking additional private capital. Because if we want to master climate change we also have to attract a lot of private capital," the European Commission President said while addressing the G20 Summit's first Session, 'One Earth'.

Leyen said science tells us that we are about to miss our objective of limiting global warming to 1.5 degrees. "So, it is absolutely critical that we maintain our path of 1.5 degrees. Only what gets measured gets done, we know this principle," she said.

She further said: "We need to triple renewable energy capacity and double energy efficiency until 2030 if we are to reach our goal of limiting temperature increases to 1.5 degrees. Only what gets measured gets done, we know that principle."

She then called to anchor a global goal at COP28 for renewable energies that have to be reached by 2030 and energy efficiency by 2030. Global goals will provide a benchmark against which to track progress and a strong signal of predictability to the private sector.

The European Commission President said climate change is a global threat and a contributing factor to food insecurity. "Food security is also a victim of Russia's aggression in Ukraine. We call on Russia to allow the grain from Ukraine to reach global markets via the Black Sea," she said.

"We are doing our utmost to facilitate the grain to reach global markets via the land route. But for global prices to stabilize, grain also has to travel by sea. No one should go hungry and the leaders of the G20 have the responsibility and the tools to enable the flow of grain to where it is needed," she added.

She then said it is a pleasure to welcome the African Union as a new member of the G20. "I just came back from Kenya, at the Africa Climate Summit. There, Africa's voice resonated across the globe. Especially the voice of its youth, via the Kenya Youth Forum, who confronted us about our responsibility, as leaders," she said.

Meanwhile, Prime Minister Narendra Modi on Friday extended a welcome to the President of the European Commission on her arrival at the national capital for the G20 Summit.

Responding to a post by the EU President on social media platform X, Prime Minister Modi wrote, "Glad to see you in Delhi for the G20 Summit, @vonderleyen. Grateful for the @EU_commission's support and commitment. Collectively, we shall address the pressing challenges we face. Looking forward to fruitful deliberations and collaborative actions."

The EU chief touched down in the national capital on Thursday evening and was received by the Union Minister of State for Commerce and Industry, Anupriya Patel.

India and the EU have a common interest in ensuring security, prosperity and sustainable development in a multi-polar world. Both India and the EU agreed to further build on these convergences and foster new synergies for jointly contributing to a safer, greener, cleaner, more digital, resilient and stable world, in line with the 2030 Agenda for Sustainable Development and the Paris Agreement.

The EU is India's second-largest trading partner (after the US) and India's second-largest export market. India is the EU's 10th largest trading partner, accounting for 2 per cent of EU total trade in goods. Trade in services between the EU and India reached 40 billion euros in 2021.

For the summit, which is being hosted under India's presidency of the G20, extensive preparations and arrangements have been made not only to showcase the country's soft power but also its emergence as a prominent global player.

Formed in 1999, the G20 was formed to maintain global financial stability by incorporating middle-income countries.

India assumed the G20 presidency on December 1 last year and about 200 meetings related to G20 were organized in 60 cities across the country. The 18th G20 Summit in New Delhi will be a culmination of all the G20 processes and meetings held throughout the year among ministers, senior officials, and civil societies.