G20 leaders in Rio issued a brief statement supporting the COP29 finance goal but provided no concrete guidance, disappointing climate advocates. While some analysts saw potential in the leaders" backing for taxing the ultra-rich to fund climate action, the lack of commitment to shift from fossil fuels was noted as a setback. COP29 President Mukhtar Babayev urged for clearer mandates to unlock finance negotiations, emphasizing the urgency of decisive progress to avoid catastrophic climate outcomes.
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