The G20 nations have committed to scale up investment in green energy projects to ensure a cleaner energy future and security of supply.
In a joint statement released after the summit in China, the 20 biggest economies in the world have also reaffirmed their commitment to ratify the Paris Agreement.
It stated: “We commit to complete our respective domestic procedures in order to join the Paris Agreement as soon as our national procedures allow. We welcome those G20 members who joined the Agreement and efforts to enable the Paris Agreement to enter into force by the end of 2016 and look forward to its timely implementation with all its aspects.”
The US and China ratified the climate deal during the summit.
The G20 countries also reaffirmed their commitment to build well-functioning, open, competitive, efficient, stable and transparent energy markets.
To achieve that, the group said it will rationalise and phase-out inefficient fossil fuel subsidies that encourage “wasteful consumption over the medium term”.
However, as natural gas is a less emission-intensive fossil fuel, they will enhance collaboration on solutions that promote natural gas extraction, transportation and processing “in a manner that minimises environmental impacts”.
The 20 leaders also said they will work with Sub-Saharan and Asia-Pacific countries “to improve universal access to affordable, reliable, clean, sustainable and modern energy services, particularly by addressing barriers to electricity access”.