The Finance World Magazine| Edition: October 2023

Global News
G20 Commits to Triple Renewables Capacity, Falls Short of Ambitious Targets
G20 leaders have agreed to
pursue a global tripling of
renewable energy capacity by
2030 and acknowledged the
necessity of phasing out unabated coal
power. However, they stopped short of
establishing substantial climate goals
during their summit. Disagreements
persisted among the world’s 20 major
economies regarding commitments to
reduce fossil fuel use, cut greenhouse gas
emissions, and raise renewable energy
targets. A major point of contention
centred around a Western proposal to
triple renewable energy capacity by 2030
and reduce greenhouse gas emissions
by 60% by 2035. This proposal faced
opposition from Russia, China, Saudi
Arabia, and India during preliminary
discussions among sherpa-level officials,
according to sources.
Nuclear Energy Key to
Global Clean Transition:
ENEC CEO
Mohamed Ibrahim Al Hammadi,
CEO of the Emirates Nuclear
Energy Corporation
(ENEC), took center stage
at the World Nuclear Symposium 2023
in London, held from September 6-8, to
advocate for nuclear technology’s role
in decarbonizing challenging sectors.
Al Hammadi, alongside Dr. Angela
Wilkinson of the World Energy Council,
Todd Noe from Microsoft, and Mikal
Boe, CEO of Core Power, participated
in a panel discussion titled ‘Achieving
End-users Decarbonization Goals with
Nuclear Energy’. During the discourse,
Al Hammadi highlighted nuclear technology’s
potential to sustainably power
energy-intensive industries such as
artificial intelligence and data centres.
These facilities alone consume 4-5%
of the total global power supply, and
this demand is poised to escalate with
increasing digitalization.
EU Commission Chief Calls on G20 to Embrace
Global Carbon Pricing
European Commission President
Ursula von der Leyen
called upon G20 leaders to
endorse a proposal for the
establishment of global carbon pricing.
Carbon pricing mechanisms, such as
carbon taxes or emissions trading
systems, are being adopted by numerous
countries to aid in achieving
their climate objectives. Von der Leyen
emphasized the human-made nature
of climate change and the potential
for addressing it through innovation,
investments in green technologies,
expanded renewable energy capacity,
and enhanced energy efficiency. In a
message on X social media (formerly
Twitter), she extended the invitation
IMF and World Bank Boost Cooperation on Climate,
Debt, and Digital Transition
The IMF and World Bank have
pledged to join forces with
shareholders and partners
to confront the multifaceted
challenges confronting the world
today, such as climate change, debt
vulnerabilities, and countries’ digital
transitions. IMF Managing Director
Kristalina Georgieva and World Bank
President Ajay Banga vowed to mobilize
substantial resources, both
domestic and international, to support
these initiatives. They emphasized
the importance of aiding nations in
to G20 leaders to unite in supporting
the implementation of a global carbon
pricing framework.
building robust tax policies, fiscal institutions,
and efficient public spending,
while simultaneously fostering sound
debt and public financial management.
82 www.thefinanceworld.com October 2023