G20 Summit Aligns with COP29 on Climate Finance

The G20 summit in Rio de Janeiro concluded with an agreement to scale up climate finance from billions to trillions, but it lacked specific figures and did not address fossil fuel transition, drawing criticism from climate advocates. This aligns with the ongoing COP29 talks in Baku, where delegates are working to finalize a new climate finance target amid calls for at least $1.3 trillion for climate justice. The G20 emphasized the need for a just and equitable climate action framework and committed to supporting COP29's efforts to establish the New Collective Quantified Goal (NCQG) for climate finance. Activists outside the COP29 venue demand urgent action, citing the disproportionate climate impacts on developing nations. UN Secretary-General Antonio Guterres and climate chief Simon Stiell have urged G20 nations, responsible for 85% of global emissions, to lead in tackling climate change. Despite the G20's verbal support, the absence of specific commitments and direction on fossil fuel reduction remains a major challenge for effective climate action.