“G20 Deal Breakthrough: Agreement on Post-2025 Finance Goal at COP29”
The G20 leaders meeting in Rio de Janeiro has reportedly made a breakthrough on the key issue of who should pay into the post-2025 finance goal, a crucial debate at COP29 in Baku. UN Secretary-General Antonio Guterres expressed concern about the slow progress on the New Collective Quantified Goal (NCQG) for finance at COP29, highlighting the importance of reaching an agreement.
According to a Reuters report, negotiators of the G20 communique have agreed on a text mentioning developing nations’ voluntary contributions to climate finance, without making it mandatory. This development could pave the way for increased funding for the NCQG, as developed countries have linked raising their climate finance promise above $100 billion a year to the inclusion of new country contributors.
The European Union’s climate action commissioner, Wopke Hoekstra, signaled openness to developing countries making voluntary finance contributions, emphasizing the need to address the challenges faced by vulnerable nations dealing with climate impacts. He also stressed the importance of private sector involvement in addition to government funding.
Attila Steiner, Hungary’s State Secretary for Energy and Climate Policy, highlighted the potential of the new UN carbon market to generate more climate finance. However, discussions at COP29 in Baku hit a roadblock over the transition away from fossil fuels.
Negotiators clashed over whether to continue discussions on emissions-cutting measures, with some countries advocating for setting numerical targets for reducing methane emissions, curbing deforestation, and promoting renewable energy. Saudi Arabia and other nations opposed these proposals, leading to a deadlock in the talks.
COP29 President Mukhtar Babayev expressed determination to address the issue of mitigation and avoid postponing discussions to the next year. Several countries, including Australia and the European Union, emphasized the importance of reaching a strong mitigation outcome at the conference.
In other news, Climate Action Tracker’s analysis of the UAE’s new climate plan raised concerns about the credibility of its targets. COP29 President Mukhtar Babayev made a Freudian slip while discussing oil and gas deals, highlighting the challenges faced by fossil fuel-producing countries in transitioning to green projects.
Joe Biden announced initiatives to fund the protection and restoration of the Amazon rainforest during his visit to Manaus, Brazil. Additionally, Germany, the UK, and the Climate Investment Funds pledged $1.3 billion for green industries in the Global South, aiming to attract private donors to support climate finance efforts.
Overall, the developments at the G20 meeting and COP29 reflect the ongoing challenges and opportunities in addressing climate change on a global scale. Stay tuned for more updates on this evolving story.