G20 Leaders Urged to Bolster Climate Finance at Rio Summit

The U.N. climate chief urges G20 leaders to support global climate finance at the upcoming Rio summit to aid COP29 negotiations in Baku. The goal is to secure additional financing for developing countries to tackle climate change impacts. Business leaders support urgent action for a clean energy future.

The U.N.'s climate chief has urged the world's leading economies to showcase their commitment to global climate finance efforts during the forthcoming summit in Rio de Janeiro. Simon Stiell, in a letter to G20 leaders, emphasized the critical role of their support for securing a deal at the COP29 talks in Baku.

Business leaders have echoed this call, stressing concerns over the lack of progress in Baku. They urged G20 governments to foster an accelerated shift from fossil fuels to clean energy, highlighting the necessity for private sector investment to achieve this transition.

Negotiations at the COP29 conference remain fraught with challenges, particularly around establishing a new annual finance target. Economists stress the need for at least $1 trillion a year to assist developing nations in combating climate change impacts. However, divisions persist, with some oil-producing nations hindering progress towards a cleaner energy future.

(With inputs from agencies.)