“G20 Nations Water Down Report on Finance for Climate Action Despite UN Urging Emissions Cuts”
A report by top economists on finance for climate action was weakened after feedback from G20 nations, even as the UN says they must all slash emissions.
UN chief António Guterres called on the G20 to “lead” on climate, as Climate Home revealed that the group of big countries watered down a report by top economists on how the financial system should shift to enable climate action.
Guterres made his comments at the launch of the United Nations’ Emissions Gap Report, which showed that, under their current policies, the G20 countries as a group will fail to meet their 2030 targets to cut planet-heating emissions.
Climate Action Tracker found that no G20 country’s policies are compatible with limiting global warming to the Paris Agreement goals of either 1.5 degrees Celsius or “well below” 2C.
“The largest economies – the G20 members, responsible for around 80% of all emissions – must lead,” Guterres said.
Officials from G20 climate and finance ministries and central bankers gathered in Washington DC to attend a meeting of the G20 Taskforce on a Global Mobilization against Climate Change (TF-CLIMA), an initiative of the Brazilian G20 presidency aimed at bringing climate and finance officials together to tackle climate change.
One of their tasks was to react to a report commissioned from a group of 12 independent experts on how the G20 countries can shift their financial systems towards tackling climate change.
The report, published on Thursday, lists five “myths” blocking climate action and recommends that G20 governments implement green industrial strategies, reform the global financial system, and scale up financing for climate projects.
However, a draft of the report from September 4 seen by Climate Home revealed that the final version was watered down in response to critical feedback from G20 governments. Various points were weakened, and references to “G20 inaction” were replaced with “G20 inertia.”
The UN Emissions Gap report warned that the 1.5C warming limit will be gone within a few years unless all countries collectively commit to cut greenhouse gas emissions by 2030 and back them up with rapid action.
Global greenhouse gas emissions set a new record high in 2023, with rises in sectors from power to transport and agriculture. Guterres said emissions needed to fall 9% each year to 2030 to meet the 1.5C limit.
The report said all G20 governments must step up efforts to reduce emissions dramatically and argued that stronger international support and more climate finance will be essential to ensure that climate and development goals can be realized fairly.
In response to a question, UN Environment Programme Executive Director Inger Andersen said that emissions cuts are needed by all G20 nations, regardless of their historical contributions to global warming.
Overall, the report highlights the urgent need for G20 countries to take decisive action to combat climate change and meet their emissions reduction targets.