Manila News November 14, 2022

The G20 summit and the Philippines… – Manila News

The G20 summit in Indonesia should result in adequate climate financing and decarbonization measures for developing countries, as countries like the Philippines bear the brunt of the effects of climate change.

The G20 summit and the Philippines…
The G20 summit and the Philippines

The G20, or Group of 20 industrialized nations, will meet this week in Bali, Indonesia, against the backdrop of extreme weather events around the world, an energy crisis caused by Russia’s invasion of Ukraine, and ongoing China-US tensions.

Indonesia, this year’s host and the only G20 member state from Southeast Asia, hopes to center the summit’s agenda on global health architecture, sustainable energy transition, and digital transformation.

“The G20 presidency of Indonesia is significant for at least two reasons. For one thing, it is one of the most important countries in the critical task of making a rapid, equitable, and just transition away from fossil fuels in order to limit global warming to 1.5°C.According to Lidy Nacpil, coordinator of the Asian Peoples’ Movement on Debt and Development, Philstar.com,

Indonesia has been dubbed “coal’s last bastion” due to its reliance on the planet-warming fossil fuel. The Southeast Asian country is also the world’s largest coal exporter, with the Philippines importing the majority of its supply from Indonesia.

Indonesia should also take the lead in demanding that developed countries fulfill their climate finance commitments, according to Nacpil. The funding is intended to cover the costs of mitigation and adaptation for poorer countries, as well as loss and damage to vulnerable countries.

“The G20 summit must deliver on urgent climate actions, especially at this time when climate impacts are intensifying in many Asian countries,” she said.

Why it is significant?

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are members of the G20.

On November 14 and 15, seventeen G20 heads of state will gather on the Indonesian resort island, including US Vice President Joe Biden and Chinese President Xi Jinping.

While the Philippines is not a member of the G20, it has a lot riding on the outcome of the summit.

“[It] is among the countries most impacted by truly global issues, such as climate and energy crises resulting from massive reliance on fossil fuels,” Avril De Torres, deputy executive director of the Center for Energy, Ecology, and Development, told Philstar.com.

“The policy and development directions proposed by global powers meeting next week in Indonesia can dictate whether or not these crises are addressed,” she added.

Unexpected critical outcomes

According to Nacpil of APMDD, groups do not expect “significant” outcomes from the Bali summit, noting that G20 gatherings have always been dominated by the interests of the Group of Seven or G7 governments and hijacked by geopolitics.

The Group of Seven (G7) is an informal grouping of the world’s advanced economies, including Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States.

“Many promises have been made by G7 governments, including climate finance, the elimination of fossil fuel subsidies this year, and the rapid phase-out of fossil fuels.” However, they have fallen far short of their promises in terms of implementation, and the promises are riddled with exceptions and loopholes, Nacpil stated.

The G20 summit in Rome last year urged “meaningful and effective” action to limit global warming, but climate activists chastised the bloc for making few concrete commitments. They agreed to stop financing coal power abroad but did not commit to phasing it out in their home countries.

The G20 Leaders’ Summit will take place in Egypt from November 15 to 16, coinciding with the second week of the COP27 climate talks. The financing of loss and damage is a major topic of discussion at the summit in Sharm el-Sheikh.

“The climate vulnerable group, the V20s, the finance ministers, and the G7 will launch their climate shield against climate risks,” Sara Jane Ahmed, finance advisor of the Vulnerable Group of Twenty, told the ABS-CBN News Channel.

“[T]his is one way to move forward on the loss and damage agenda in order to ensure that countries, enterprises, and communities have prearranged and trigger-based financing available.”

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