G20 leaders turn focus to climate change on Rio summit's last day

The meeting is seen as a key opportunity to strengthen international climate action, especially ahead of the COP29 climate talks in Baku, Azerbaijan, where negotiations have stalled.

Finance from Billions to Trillions

One of the topics discussed at the meeting was climate change. In a joint statement issued on Monday evening, November 18, 2024, the G20 called for “rapid and large-scale mobilisation of climate finance from all sources, in the range of billions to trillions of dollars.” These commitments are aimed at supporting climate change mitigation efforts, particularly in developing countries.

• G20 leaders pledged to increase climate finance from “billions to trillions" and stressed the need for greater investment to combat climate change.

• A key topic at COP29 will be setting a financial target for developed countries to help developing countries. Economists have suggested an annual target of $1 trillion.

Opening the summit, Brazilian President Luiz Inácio Lula da Silva called for decisive action:

"The impacts of climate change are evident across the globe. Addressing this challenge is not just a priority but a necessity."

At COP29, negotiators will have the difficult mission of agreeing on a new financial aim which obliges the developed countries to fund the developing countries. Experts have calculated the minimum funding necessary to be not less than $1 trillion every year. 

Most of the developed countries, including many in Europe, are maintaining that countries that are wealthier and developing such as China and the countries in the Middle East, would also help in contributing funds. 

However, Brazil, which leads the still-developing countries, insists that rich countries must take most of the funding responsibilities as they have been the world’s greatest polluters in the past.

Commitment to Combat Plastic Pollution

Apart from climate financing, the G20 leaders also made an unambiguous statement on environmental sustainability by undertaking to complete a legally binding agreement towards the reduction of plastic waste by the end of 2024. This treaty, which has been on the table for negotiation for over two years, seeks to address perhaps one of the worst environmental concerns in history. Negotiations on this treaty will take place next week.

Looking Ahead to COP29

With the G20 summit having come to a conclusion, the attention now turns to Baku, Azerbaijan, and the negotiations for COP29, where the negotiators are expected to close the financial gaps and also harmonise the global priorities. While it is true that there have been certain developments, there is still a lot to be done if the world is to realise its climate targets.

The Rio summit has been a testimony of both the problems and possibilities concerning the climate change issue. While global actors are actively seeking to find viable solutions, their present undertakings will determine the sustainability of the world in the years to come.