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Negotiators from nearly 200 countries at COP29 in Baku are struggling to secure climate financing, with developing nations needing at least $1 trillion annually by the decade's end. Despite a fragile consensus reached at the G20 summit in Rio, discussions on funding from wealthy nations remain stalled. UN Secretary Antonio Guterres emphasized the urgency of combating misinformation hindering climate progress.
At COP29, negotiations on emissions reduction faced collapse as developed and developing nations clashed over new targets, with Saudi Arabia and Bolivia opposing further commitments. Meanwhile, G20 discussions hinted at potential progress in climate finance, particularly regarding voluntary contributions from developing nations, which could influence the New Collective Quantified Finance goal. The outcome of these talks remains uncertain as the COP29 presidency considers issuing a general statement to salvage progress.
Diplomatic tensions over climate finance are set to dominate the G20 summit in Rio, as leaders gather to address global warming amid stalled U.N. talks in Azerbaijan. With G20 nations responsible for over three-quarters of greenhouse gas emissions, calls for a significant financial commitment to developing countries are intensifying, particularly as the U.S. faces potential policy shifts under President-elect Trump. The success of upcoming climate summits hinges on a breakthrough in funding, with developing nations insisting that wealthier countries must lead the way.
Diplomatic tensions over climate change are set to dominate the G20 summit in Rio de Janeiro, as leaders gather to address pressing global issues. With U.N. climate talks in Azerbaijan stalled over climate finance, the G20, which represents 85% of the global economy and over three-quarters of greenhouse gas emissions, holds the key to mobilizing significant funding for climate initiatives.
At COP29, the Adaptation Fund has faced a "puzzling" lack of new financial pledges, securing only $61 million against a $300 million goal, despite urgent calls for increased funding to combat climate change impacts. The reluctance from donor governments may stem from awaiting outcomes on a new climate finance goal, leaving vulnerable countries in dire need of support. With rising adaptation needs, the fund risks running out of money if contributions do not increase.
Azerbaijan's President Ilham Aliyev defended fossil fuels at COP29, asserting they are a "gift of the god" and criticizing foreign media for labeling his country a "petrostate." He highlighted Azerbaijan's role in supplying gas to the EU amid the Ukraine crisis, while US climate envoy John Podesta announced a new methane fee for oil and gas companies. Meanwhile, Sweden pledged $18.4 million to the Loss and Damage Fund, and Shell successfully appealed a ruling to cut emissions by 45% by 2030.
Colombia is advocating for a new global treaty on traceability for critical minerals essential for the clean energy transition, aiming to present a proposal by COP30 in November 2025. This initiative follows a UN panel's recommendation for a transparency platform to ensure sustainable mineral extraction. While developed countries are still deliberating their support, experts emphasize the need for independent scrutiny and adherence to human rights in mining practices.
Antonio Guterres
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