As COP29 negotiators look to the G20 summit in Rio de Janeiro, Brazil, for encouraging signs on climate finance, the leaders' declaration released on Tuesday falls short, leaving the stalemate in UN climate talks unresolved.
COP29 delegates had been hoping that the leaders—including all key players representing different view points on climate finance negotiations—would offer some directions on resolving the deadlock
As COP29 negotiators look to the G20 summit in Rio de Janeiro, Brazil, for encouraging signs on climate finance, the leaders' declaration released on Tuesday falls short, leaving the stalemate in UN climate talks unresolved.
The G20 countries pledged their support to the COP29 presidency for successful negotiations leading to New Collective Quantified Goal on climate finance. They recognised the New Delhi declaration on the need for rapidly scaling up climate finance from "billions to trillions" from various sources. However, there was no mention of the amount they are willing to contribute to help the developing countries cope up with the impacts of climate change.
COP29 delegates had been hoping that the leaders—including all key players representing different view points on climate finance negotiations—would offer some directions on resolving the deadlock.
“We cannot succeed without them, and the world is waiting to hear from them,” COP29 President Mukhtar Babayev had said on Monday.
“We urge them to use the G20 meeting to send a positive signal of their commitment to addressing the climate crisis. We want them to provide clear mandates to deliver at COP29,” he had said.
Last week, discussions of a G20 joint statement snagged on the same issue, with European nations pushing for more countries to contribute and developing countries such as Brazil pushing back, diplomats close to the talks told Reuters.
The COP29 meeting in Azerbaijan is trying to build an agreement on climate finance to enable greater contribution for climate action. The negotiations, however, have been deadlocked for over a week due to irreconcilable differences in the positions of countries over issues like the amount of finance, the proportion of money to be raised through public finances and which countries should contribute.
The host country’s chief negotiator Yalchin Rafiyev said NCQG would be prepared by Wednesday evening.
G20 countries—including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Türkiye, UK, US, the European Union and the African Union—account for 85 per cent of the world's economy and are the largest contributors to multilateral development banks which is helping to steer climate finance. They also account for 80 per cent of global emissions.