G20: $4 trillion needed every year on clean energy technology for inclusive growth

G20 leaders on Saturday called for strong, sustainable and inclusive growth to tackle the uneven economic recovery across the world. Global leaders identified the need for $4 trillion per year for countries to meet their climate goals and clean energy technologies. Reforms in international financial institutions, management of debt vulnerabilities of low and middle-income countries and tax-related There was also a call for the introduction of exchange of information.

Apart from this, it was also said to exchange tax related information on crypto assets by 2027. The declaration called for phasing out coal-fired power, phasing out inefficient fossil fuel subsidies, and accelerating efforts to find low-cost financing for developing countries’ energy transition. It said that developing countries would need around $580 billion before 2030 to meet their climate goals. In addition, the world will need an investment of US$4,000 billion per year through 2030 to achieve a net zero carbon emissions target by 2050.

According to the declaration, the macro-crisis poses challenges to long-term growth and called for well-designed macroeconomic and structural policies to meet the challenge and promote long-term growth. “We will protect the vulnerable by promoting equitable growth and enhancing macroeconomic and financial stability,” it said. The balance of risks is tilted to the downside due to a significant tightening in global financial conditions, which could worsen credit vulnerabilities, persistent inflation and geo-economic tensions. The group said that we reiterate the need for well-formulated monetary, fiscal, fiscal and structural policies. For this, policies will be formulated to promote growth, reduce inequalities and maintain macroeconomic and financial stability.

Disclaimer: IndiaTheNews has not edited this news. This news has been published from PTI-language feed.