While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds billions of dollars for the climate, leaders pf G20 economies half a world away in Rio are holding the purse strings
Diplomatic tensions over global warming will take centre stage at the G20 summit in Brazil this week, as negotiators at UN talks in Azerbaijan hit an impasse on climate finance that they hope leaders of the world’s 20 major economies can break.
G20 countries account for 85 per cent of the world’s economy and are the largest contributors to multilateral development banks helping to steer climate finance. They are also responsible for more than three-quarters of greenhouse gas emissions worldwide. Trump is also planning to roll back landmark climate legislation passed by the outgoing Joe Biden, who will become the first U.S. president to visit the Amazon rainforest when he makes a stop there on Sunday on his way to Rio.
COP29 must set a new goal for how much financing should be directed from developed countries, multilateral banks and the private sector to developing nations. Economists told the summit it should be at least $1 trillion. The success of not only COP29 but also the next UN climate summit, COP30 hosted in Brazil next year, hinges on a breakthrough on climate finance.
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