Global Calls for Climate Finance Surge Ahead of G20 Summit

The U.N.'s climate chief urges G20 leaders to support global climate finance at their upcoming summit in Rio. As negotiators face challenges at the COP29 conference, business leaders echo the need for transformative policies to accelerate the shift from fossil fuels to clean energy.

The United Nations' climate chief has urged the leaders of the world's largest economies to demonstrate robust support for global climate finance during their forthcoming summit in Rio de Janeiro. The plea, delivered in a letter to G20 leaders by UN Framework Convention on Climate Change Executive Secretary Simon Stiell, seeks to influence ongoing negotiations at the COP29 conference in Baku, which are wrestling with strategies to scale up financial support for combating the impacts of global warming.

In his letter, Stiell emphasized the importance of the G20 summit producing definitive global signals that advocate for increased grants and loans, as well as debt relief. This move is vital to ensure that vulnerable countries are not hindered by the financial burdens that impede more significant climate action efforts.

Echoing Stiell's call, business leaders expressed concerns over the stagnation and lack of focus in Baku. They urged governments, especially the G20, to deliver policies that enable a rapid shift from fossil fuels to clean energy, thereby unlocking critical private sector investment. Nevertheless, the complexities of the finance negotiations remain unresolved, including determining the necessary financial targets and the responsible contributing nations.

(With inputs from agencies.)