Ahead of the G20 summit in Rio de Janeiro, UN climate chief Simon Stiell urged leaders of the world’s major economies to send a strong message of support for global climate finance. This step, according to Stiell, could unlock crucial agreements at COP29 in Baku, where negotiations are moving slowly to increase resources to mitigate the impacts of climate change.
“The G20 must give clear and comprehensive signals,” Stiell said in his letter, emphasizing the need to increase grants, loans and debt relief so that vulnerable countries can take bolder climate action without the burden of debt service costs. .
Business sector support and challenges in Baku
Business leaders joined the call, with coalitions such as We Mean Business and the Brazilian Council for Sustainable Development, calling for policies that accelerate the energy transition and encourage private investments in clean energy.
At COP29, progress has been limited. The negotiations seek to establish an annual climate financing goal that mobilizes at least $1 trillion by 2030, according to economists. However, differences over the amount and which countries should contribute persist, slowing down agreements.
National divisions and priorities
European negotiators pointed to resistance from big oil producers such as Saudi Arabia, which have blocked key discussions on the global transition from fossil fuels.
On the other hand, nations like Uganda emphasize the urgency of obtaining agreements on affordable financing for clean energy projects. “Without resources, the energy transition remains a distant dream,” said Ruth Nankabirwa, Uganda’s Energy Minister.
Time is short
With a draft reduced to 25 pages, there is still much work to do to reach consensus. Stiell and other climate leaders emphasize that cooperation between nations is essential to reach agreements that mark a turning point in the fight against climate change.
The G20 summit is emerging as a crucial stage to generate the necessary momentum and guarantee the success of COP29 in its objective of financing a sustainable energy future.
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