Rio De Janeiro (TDI): On the final day of the G20 summit, leaders of the world’s major economies shifted their attention to climate change, aiming to strengthen efforts for sustainable development and a transition to cleaner energy.
Their focus was on securing a meaningful deal to address global warming ahead of the upcoming UN climate talks in Azerbaijan.
The host of COP29 had urged G20 countries to send a positive message on tackling climate change, calling for clear mandates to salvage stalled negotiations in Baku.
With 2024 on track to become the warmest year on record, the urgency of the discussions has heightened, especially as Donald Trump is reportedly preparing to withdraw the US from the Paris Agreement once he resumes the presidency in January, according to Reuters.
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In a joint statement issued late Monday, the G20 leaders underscored the need for a substantial increase in climate finance, calling for funding to rise from billions to trillions of dollars to combat climate change.
They also emphasized the need for negotiators at COP29 to reach an agreement on a financial goal for how much wealthy nations must contribute to support developing countries in addressing climate challenges.
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Although the statement highlighted the necessity of resolving this issue, it did not offer specific solutions.
Economists suggest that the financial target should be at least $1 trillion annually.
Commitment to Legally Binding Treaty
Despite differences, the G20 leaders reaffirmed their commitment to reaching a legally binding treaty on plastic pollution by the end of 2024, with negotiations set to continue next week.
President Luiz Inácio Lula da Silva, in his opening remarks, emphasized the urgent need for climate action, pointing to the widespread and visible impacts of climate change across the globe.
G20 nations, which represent 85% of the world economy and account for over three-quarters of global emissions, remain central to shaping effective global responses to climate change.
