G20 commits to carbon neutrality by 'around mid-century' as Prince Charles says trillions in investment needed.

 Extract from ABC News

Posted 4 hours ago

The G20's final communique is light on concrete actions to tackle climate change.(Reuters: Guglielmo Mangiapane)

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Leaders of the world's biggest economies have made a compromise commitment to reach carbon neutrality "by or around mid-century" as they wrapped up a two-day summit that was laying the groundwork for the UN climate conference in Glasgow, Scotland.

Key points:

• The communique agrees to strengthen national plans to curb emissions "if necessary"

• It makes no mention of a specific 2050 date to achieve net zero carbon emissions

• Prince Charles spoke at G20, calling the Glasgow summit the world's "last chance saloon" to tackle climate change

According to the final communique, the Group of 20 leaders also agreed to end public financing for coal-fired power generation abroad, but set no target for phasing out coal domestically — a clear nod to top carbon polluters China and India.

However, the communique contained few concrete actions and made no reference to a specific 2050 date to achieve net zero carbon emissions that scientists say is vital to stave off disastrous climate change.

The final document says current national plans on how to curb emissions will have to be strengthened "if necessary" and includes a pledge to halt financing of overseas coal-fired power generation by the end of this year.

"We recognise that the impacts of climate change at 1.5 degrees Celsius are much lower than at 2C. Keeping 1.5C within reach will require meaningful and effective actions and commitment by all countries," the communique said.

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The Group of 20 countries, which represent more than three-quarters of the world's greenhouse gas emissions, had been looking for common ground and solid commitments on how to reduce emissions while helping poor countries deal with the impact of rising temperatures.

Without them, momentum could be lost for the larger annual talks in Glasgow that officially opened on Sunday and where countries from around the globe will be represented, including poor ones most vulnerable to rising seas, desertification and other effects.

Prince Charles says 'trillions of dollars' needed to fight climate change

Prince Charles has spoken of the "overwhelming responsibility to generations yet unborn," as he called for more investment to tackle climate change at a Group of 20 leaders meeting in Rome.

The Prince of Wales was speaking ahead of the COP26 summit.

Prince Charles called on world leaders to fulfill their "overwhelming responsibility to generations yet unborn".(Reuters: Aaron Chown/Pool)

"Ladies and gentlemen, COP26 begins in Glasgow tomorrow. Quite literally it is the last chance saloon," said the Prince, a long-time champion of environmentalism.

He urged world leaders to heed the "despairing voices" of young people who will bear the brunt of climate change.

"Now after I suppose very nearly 50 years of trying to raise awareness of the growing climate and environmental crisis, I'm at last sensing a change in attitudes and the build-up of positive momentum," he said.

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"We will need trillions of dollars of investment every year to create the necessary new infrastructure and meet the vital 1.5 degrees climate target that will save our forests and farms, our oceans and our wildlife," said Prince Charles.

On Monday (AEDT), Prince Charles is due to welcome leaders to COP26 in Glasgow.

Some of the issues being discussed during the October 31-November 12 talks have been on the agenda for decades, including how rich countries can help poor nations tackle emissions and adapt to a hotter world. 

The slow pace of action has angered many environmental campaigners, who are expected to stage loud and creative protests during the summit.

AP/Reuters