The UN’s climate leader has called on G20 nations to demonstrate strong support for global climate financing at their upcoming summit in Rio de Janeiro. This appeal aims to unlock progress at COP29 talks in Baku, where negotiators are working to secure critical funding to combat the worsening impacts of climate change.
G20 Urged to Drive Global Climate Action
In a letter to G20 leaders, Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), stressed the importance of sending a unified and decisive signal to support climate financing. He called for increased grants, loans, and debt relief to help vulnerable nations undertake bold climate actions without being burdened by debt repayment.
“Next week’s summit must send crystal-clear global signals,” Stiell wrote, urging G20 nations to act decisively.
Business Leaders Demand Clear Policies
Business leaders have echoed Stiell’s call, expressing concern about the lack of progress at COP29. A coalition of organizations, including the We Mean Business Coalition, the UN Global Compact, and the Brazilian Council for Sustainable Development, urged governments to push for a rapid transition from fossil fuels to clean energy.
In a joint statement, the groups emphasized the need for clear policies that would attract private sector investment to accelerate the shift to renewable energy sources.
Climate Finance Negotiations Face Challenges
A central goal of COP29 is to establish a new annual climate finance target. Developing nations have stressed the need for at least $1 trillion per year by 2030 to address climate challenges, according to economists advising the UN.
However, negotiators in Baku have faced slow progress, with divisions over the scale of funding and which countries should contribute. By Saturday, a 33-page draft agreement had been trimmed to 25 pages, but significant disagreements remain.
Sweden’s climate envoy, Mattias Frumerie, noted that core issues, such as determining the size of the financial target and the responsibility of different nations, remain unresolved. “The divisions we saw coming into the meeting are still there, leaving much work for ministers next week,” he told reporters.
Fossil Fuel Transition and Funding Obstacles
Efforts to build on last year’s COP28 agreement to transition away from fossil fuels have faced resistance, particularly from major oil-producing nations like Saudi Arabia. European negotiators have criticized the lack of progress, with one describing the situation as “dire.” Saudi officials did not respond to requests for comment.
Uganda’s energy minister, Ruth Nankabirwa, highlighted the importance of securing affordable financing for clean energy projects. “Without the money, we’re left wondering whether a true energy transition is achievable,” she said.
A Call for Unity
Samir Bejanov, COP29’s deputy lead negotiator, urged countries to overcome their differences and deliver results. “Some have doubted whether we can collectively succeed. It’s time to prove them wrong,” he said.
The outcome of the G20 summit will likely influence the next phase of COP29 negotiations, as leaders face mounting pressure to address climate change with tangible actions.
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