On Tuesday, leaders of the Group of 20 major economies convened to address sustainable development and the transition to cleaner energy, with a focus on improving the chances of a successful outcome at the upcoming UN climate talks in Azerbaijan.
The host of the COP29 climate summit urged G20 nations to send a positive signal regarding climate action and establish clear mandates, as discussions in Baku had become stalled. With the world heading for a record warm year, these leaders are eager to strengthen their climate efforts before Donald Trump resumes the US presidency in January, as he is expected to withdraw from the Paris Agreement and reverse US climate policies.
In a joint statement released on Monday, G20 leaders emphasized the need to "rapidly and substantially increase climate finance from billions to trillions" in order to respond effectively to climate change. They agreed that negotiators at COP29 must finalize a financial goal outlining the contributions that wealthy nations should make to support poorer developing countries.
While the G20 acknowledged the need for a resolution, they did not specify a solution for the UN summit concluding on Friday. Economists suggest that an annual target of at least $1 trillion in climate finance is necessary. Developed nations, particularly in Europe, argue that funding should also come from wealthier developing countries like China and affluent Middle Eastern nations to meet ambitious goals. In contrast, developing nations, including host Brazil, are resisting this expansion, emphasizing that developed countries are primarily responsible for climate change.
Reports indicated that a proposal for voluntary contributions from developing countries was considered but ultimately excluded from the final agreement.
President Luiz Inacio Lula da Silva, opening the summit in Rio de Janeiro, highlighted the urgent need to address the visible impacts of climate change worldwide. Given that the G20 accounts for 85% of the global economy and over three-quarters of emissions, their collaboration is seen as crucial in the fight against global warming.
Additionally, the G20 committed to finalizing a legally binding treaty to combat plastic pollution by the end of 2024, with negotiations set to continue next week after more than two years of discussions.
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