The G20 summit in Brazil highlighted two major crises shaking our world: the climate crisis and the conflicts in Ukraine and the Middle East. These burning issues monopolized the attention of leaders on the first day of meetings.
In a joint statement, leaders of the world’s major economies highlighted the suffering of people in Gaza and Ukraine, and called for enhanced cooperation on critical issues such as poverty reduction, fiscal policies and climate change.
UN climate chief Simon Stiell recently called on G20 leaders to help break the impasse in climate finance negotiations at COP29 in Azerbaijan.
The climate summit aims to reach an agreement to mobilize hundreds of billions of dollars in climate finance for adaptation and mitigation in developing countries.
It is up to the major economies, which account for more than three-quarters of global greenhouse gas emissions, to set priorities for financing.
The G20 statement called for “rapid and substantial increases in climate finance from billions to trillions, from all sources.” But while leaders agree that COP negotiators need to come up with a new financial target for rich countries, they have yet to come up with a concrete solution.
Developed countries argue that the base of contributors should be broadened to include wealthier developing countries, such as China and some Middle Eastern nations.
On Tuesday, G20 leaders are expected to discuss sustainable development and the transition to cleaner energy sources. They are seeking to strengthen efforts to combat global warming before Donald Trump takes office as US president.
Indeed, Trump has threatened to withdraw the US from the Paris climate agreement and roll back Washington’s climate legislation. This position worries international actors, who see his election as a possible major setback in the fight against climate change.
Thus, this year’s G20 summit is of crucial importance for the future of our planet. It calls for enhanced international cooperation to address the challenges of the 21st century, from the climate crisis to regional conflicts. The decisions taken at these meetings will have a lasting impact on future generations.