The world’s 20 largest economies – and biggest carbon emitters – may have supplied enough impetus to secure a deal later this week at Cop29 climate talks, as gloom has lifted over the possibility of agreeing a new climate finance goal to support developing countries.
A declaration from the G20 in Rio de Janeiro overnight on Monday backed scaled-up support from billions of dollars to trillions without specifying a figure for the global goal – the main agenda item for 194 countries meeting in Azerbaijan.
They endorsed retention of key targets, notably doubling renewable energy globally by 2030, but some countries and environmental NGOs expressed concern they did not explicitly mention “transitioning away from fossil fuels” – a key outcome from Cop28 last year.
The last G20 before Donald Trump takes office in the United States offered a “strong commitment to multilateralism” with a particular focus on the Paris Agreement, which Mr Trump has pledged to leave. “We understand and acknowledge the urgency and seriousness of climate change,” they added.
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UN climate chief Simon Stiell said: “G20 leaders have sent a clear message to their negotiators at Cop29; ‘Do not leave Baku without a successful new finance goal’. This is in every country’s clear interests.”
They had also committed to driving forward financial reforms to put strong climate action within all countries’ reach. “This is an essential signal, in a world plagued by debt crises and spiralling climate impacts, wrecking lives, slamming supply chains and fanning inflation in every economy,” he added.
“Stronger new national climate plans are also essential, as the G20 leaders note, to move much faster to a clean-energy and climate-resilient global economy right now,” Mr Stiell said.
All countries needed to “bypass the posturing and move swiftly towards common ground, across all issues”, he said.
United Nations secretary general António Guterres had said failure was not an option as “it might compromise ambition in the preparation of new national climate action plans, with potential devastating impacts as irreversible [climate] tipping points are getting closer”.
He added: “The preservation of the Amazon is a case in point. It would inevitably also make the success of Cop30 [next year] in Brazil much more difficult. We must succeed in Baku, build trust and incentivise preparation of high-ambition national climate plans next year.”
Minister for Climate Eamon Ryan, who is leading negotiations on adaptation supports, said he was more optimistic about the outcome. “I don’t think any country will benefit politically from stopping this,” he said at a briefing.
While it was too early to say if there would be a deal, he said a breakthrough would restore faith in international co-operation. “The world needs it at this time ... It will be an opportunity for economic development.”
Delivering Ireland’s formal statement to Cop29 in Baku, he said “giving up would be unforgivable, but success can help restore belief in multilateralism and restore confidence. The prize is not just to stop runaway climate but also to develop a new economy which delivers better sustainable development for all”.
He highlighted that in 2023 Ireland reduced its national emissions by 6.8 per cent year on year, against the background of a rising population and a thriving economy, “showing that it is possible to decouple emissions and economic growth – one does not have to come at the expense of the other”. With further emission reductions this year, he said it was a positive sign Ireland was changing from a laggard to a global leader on climate action.
Frustration at the slow pace of progress was, however, evident as Friday’s deadline looms. “There are icebergs melting quicker than the talks are proceeding. A deal is still possible, but we really need governments to step up and show strong leadership over the next few days. The stakes are too high to fail,” said Jamie Williams of Islamic Relief Worldwide.
“So far there’s been too much talk of turning to the private sector for finance, but it’s critical that governments step up public finance first and foremost. The climate emergency is far too big an issue to be left to the whims of the private sector, which inevitably puts profits before people and totally ignores key aspects such as adaptation.”
It was also vital that “new funds are in the forms of grants, not more loans that trap poor countries in debt for generations to come”, he said.
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