Leaders at the G20 meeting in Bali, Indonesia on Wednesday agreed to pursue efforts to limit the rise in global temperatures to 1.5 degrees Celsius, including speeding up efforts to phase down unabated use of coal.

"We resolve to pursue efforts to limit the temperature increase to 1.5°C," a declaration issued at the end of the meeting said. "This will require meaningful and effective actions and commitment by all countries."

The leaders' declaration, issued following a summit on the Indonesian island of Bali, urged delegates at the ongoing COP27 in Egypt to "urgently scale up" efforts at the summit on the issue of mitigating and adapting to climate change.

It also made reference to the need to accelerate "efforts towards the phase down of unabated coal power, in line with national circumstances and recognising the need for support towards just transitions."

Meanwhile, leaders of the G20 major economies on Wednesday also said their central banks would continue to calibrate the pace of monetary policy tightening, while being mindful of the need to limit "cross-country spillovers.

In a leaders' declaration, the G20 members also reaffirmed their commitment to avoid excessive exchange-rate volatility while recognising that "many currencies have moved significantly" this year.

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