G20 countries account for 85% of the world’s economy and are the largest contributors to multilateral development banks helping to steer climate finance
Negotiators in Baku should build on the pledge from the Group of 20 major economies, and look for a fresh and strong climate fund target, suggested the chief of World Resources Institute (WRI).
“The G20 leaders’ summit has reaffirmed that just, equitable climate action must remain at the center of the global agenda. Negotiators in Baku should build on the G20 Leaders’ Summit and rally behind a strong new climate finance goal” he said.
A statement issued by the WRI soon after the event on Tuesday revealed the remarks by from Ani Dasgupta, president and CEO of the WRI.
Earlier in the day, G20 leaders released a joint statement, as the COP29 negotiations enter their final stretch in Baku, Azerbaijan.
G20 countries reaffirmed the goals of the Paris Agreement, reiterated the outcome from the Global Stock take in Dubai and agreed to reform Multilateral Development Banks and scale up climate finance.
G20 countries account for 85% of the world’s economy and are the largest contributors to multilateral development banks helping to steer climate finance.
“The shadow of Donald Trump’s recent election in the US was expected to cast a shadow over the G20 Summit, yet leaders stood by their dedication to collaborate on some of the world’s most pressing issues, including financial reform, poverty, hunger and clean energy,” Ani said.
“Despite sending positive signals on the energy transition and the need to scale up renewable energy and improve energy efficiency, it’s unfortunate that the G20 failed to reiterate the commitment to shift away from fossil fuels, which all countries agreed to at COP28 in Dubai,” added the expert.
“At its core, finance is a question of justice. Leaders rightly acknowledged that inequality within and among countries are at the root of most global challenges and must be addressed,” he said.
The G20 leaders, he said, recognised the need to rapidly scale up climate finance and reach a new goal in Baku, and they emphasized that international collaboration is key to doing so.
“Leaders called for multilateral development banks to be bigger, better and more effective. Another important step forward was support for a wealth tax, which could significantly scale up resources to help developing countries curb emissions and blunt the impacts of climate change,” he added.
Ani went on to say: “We are encouraged that the G20 endorsed country platforms, which aim to tackle the fragmented delivery of climate finance and better allocate resources to high-impact projects.
“Critically, these platforms could help countries attract more and better finance to implement their NDCs, due in early 2025, by connecting national priority projects and national and international, public and private financial flows.”
He concluded the statement saying, “The G20’s renewed commitment to sustainably and equitably increasing agricultural productivity and reducing food loss and waste demonstrates that countries are prioritizing these issues as an integral part of climate action, given food systems’ vast interconnections with the climate.”
