The G20 major economies failed to reach consensus on phasing out fossil fuels at its summit at Goa after some producer nations vetoed the moves.

Major fossil fuel producers Saudi Arabia, Russia, China, South Africa and Indonesia are all known to oppose the goal of tripling renewable energy capacity this decade.

With only four months until COP28 in Dubai, the G20 meeting was seen as a crucial benchmark for energy transition progress, but hopes were dashed by the national fossil fuel interests and what agreement there was came in watered down form, such as the aforementioned commitment to the tripling of renewable energy becoming merely the tripling of clean technology capacity and phasing down of all fossil fuels given no hard targets.

Despite the disappointment, some positives were visible, such as the recognition of the need for low-cost finance for clean energy transition in developing countries.

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