Leaders of the Group of 20 largest economies meet this Tuesday (19) to discuss sustainable development and the transition to cleaner energy, with the aim of increasing the chances of a successful agreement to deal with global warming at the UN climate talks in Azerbaijan.
The host of the COP29 climate summit issued a day earlier a call for G20 countries to send a positive signal about the need to tackle climate change and provide clear mandates to help salvage the negotiations being held in Baku, Azerbaijan. .
With the world on track for , leaders are trying to bolster efforts to address climate change before Donald Trump resumes the United States presidency in January. He is reportedly preparing to withdraw from the Paris Agreement on climate change and reverse US policy on global warming.
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In a joint statement issued on Monday, G20 leaders called for a “rapid and substantial increase in climate finance from billions to trillions from all sources” to pay for the response to climate change.
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G20 leaders agreed that COP29 negotiators need to agree on a new financial target for the amount of money rich nations should provide poorer developing countries in climate finance.
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But while the G20 statement said nations needed to resolve the issue, there was no indication of what the solution should be at the UN summit, scheduled to end on Friday.
Economists suggest the target should be at least $1 trillion a year.
Developed countries, including in Europe, argue that the taxpayer base needs to be broadened to include richer developing countries such as China and richer countries in the Middle East in order to agree on an ambitious target.
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Developing countries, such as Brazil, host of the G20, have been against expansion beyond developed countries, which are mainly responsible for climate change.
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On Sunday, sources close to the G20 negotiations said text was presented that suggested developing countries could contribute voluntarily, but that text was not included in the final agreement.
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At the opening of the annual summit in Rio de Janeiro on Monday, President Luiz Inácio Lula da Silva said the impact of climate change is evident around the world and needs to be addressed urgently.
The G20 nations are considered vital in shaping the response to global warming, as they control 85% of the world’s economy and are also responsible for more than three-quarters of the gas emissions that cause climate warming.
The G20 also committed to agreeing a legally binding treaty to limit plastic pollution by the end of 2024, with negotiations on the issue resuming next week, aiming to end more than two years of negotiations to reach an agreement.
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