The unresolved issue of climate finance from COP29 in Azerbaijan has emerged as a central topic at this week’s G20 summit in Brazil.
While world leaders are scheduled to discuss a range of issues including poverty, hunger, global institutional reform, and the ongoing war in Ukraine, U.N. Secretary-General Antonio Guterres has shifted the focus to the urgent need for action on global warming.
Guterres emphasized the critical role of G20 nations in addressing climate change, pointing out that these countries not only account for 85% of the world’s economy and are the largest contributors to multilateral development banks that steer climate finance, but they are also responsible for 80% of global emissions.
Despite calls from Guterres and U.N. climate chief Simon Stiell for greater financial support and decisive action, the same debate that plagued COP29 resurfaced at the G20 discussions: set a meaningful goal for financing climate action. Economists have emphasized that at least $1 trillion is required to support developing nations.
Wealthy countries, particularly in Europe, pushed for wealthier developing nations to contribute more, but were met with resistance from developing nations, including Brazil. However, a compromise was reached, with developing countries agreeing to make voluntary contributions without any obligation, according to two diplomats familiar with the talks.
Nevertheless, the major complication is the return of Donald Trump, who plans to withdraw the United States from the Paris climate agreement once again and reverse environmental policies implemented under current US President Joe Biden. This raises concerns about global funding for climate change and potentially jeopardizes efforts to tackle global warming.
Looking ahead to COP30 in Brazil next year, the country aims to uphold the Paris Agreement target of limiting global warming to 1.5 degrees Celsius, which they call “Mission 1.5.” However, achieving this ambitious goal depends on securing climate finance and the cooperation of major economies like the U.S. to meet necessary funding targets.
At COP29, Bahamas Prime Minister Philip Davis expressed optimism, stating, “It is technically possible to meet the goal of 1.5 degrees Celsius, but only if a G20-led, massive mobilization to cut all greenhouse gas emissions … is achieved.”
