G20 talks in Rio reach breakthrough on climate finance: Sources

Praia de Botafogo beach, Rio de Janeiro, Nov 17, 2024.RIO DE JANEIRO — Diplomatic tensions over global warming spilt over into the G20 summit negotiations in Brazil this week, with sources saying the 20 major economies reached a fragile consensus on climate finance that had eluded UN talks in Azerbaijan.

While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilise hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings. "Now is the time for leadership by example from the world's largest economies and emitters," Guterres said.

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 US$1 trillion . But early Sunday morning, negotiators agreed to a text mentioning developing nations' voluntary contributions to climate finance, stopping short of calling them obligations, according to two diplomats.

The success of not only COP29 but also the next UN climate summit, COP30 hosted in Brazil next year, hinges on an ambitious deal on climate finance.

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