UN Climate Chief Urges G20: Boost Finance Talks as Deadlocks Persist

As the 29th Conference of the Parties (COP29) negotiations continue in Baku, Azerbaijan, United Nations climate chief Simon Stiell has called on G20 leaders to prioritize climate action and drive progress in climate finance talks. The G20 summit in Rio de Janeiro, Brazil, provides a crucial opportunity for the world's largest economies to deliver on climate finance commitments and unlock progress in Baku.

The key sticking point in the negotiations is a proposal for an annual $1.3 trillion commitment to help developing nations adapt to climate impacts and transition to renewable energy. However, the talks remain gridlocked over the final amount, financing mechanisms, and the list of contributors. Developed nations insist that countries such as China and wealthy Gulf states should also contribute to the fund.



Stiell emphasized the critical role of G20 leaders in resolving these deadlocks and setting an ambitious goal for climate finance. He urged them to ensure the availability of more grant and concessional finance, make progress on debt relief, and push for additional multilateral development bank reforms. Stiell warned that the world is watching and expects strong signals that climate action is a priority for the G20.

The G20's recognition of the need to increase global climate investments to trillions of dollars from billions, as highlighted at the G20 meeting in India last year, could be a significant step towards achieving the $1.3 trillion annual commitment proposed at COP29. Brazil's G20 presidency could also play a crucial role in advancing agreement on energy transition finance and establishing a global finance governance that includes rules for financing a "just and equitable" energy transition in developing economies.

The G20's actions in Rio de Janeiro could significantly influence the final outcome of COP29 and global climate finance goals. By addressing the challenges in climate finance negotiations and setting an ambitious goal, G20 leaders can unlock progress in Baku and set the stage for meaningful action against the escalating climate crisis.

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