G20 leaders have issued a joint statement stating their commitment to the goals of the Paris Agreement, as well as the need to scale up climate finance.
The group of leaders, which collectively account for 85% of the world’s economy, convened in Rio de Janeiro, Brazil, on 18 and 19 November in an event themed Building a Just World and a Sustainable Planet.
Coordinated action
At the event – with coincided with COP29 in Baku – the leaders acknowledged the uneven progress toward the 2030 Sustainable Development Goals (SDGs), with only 17% of targets on track.
Together, they pledged urgent, coordinated action to combat inequality, while a commitment to socially just, environmentally sustainable, and economically sound measures was reaffirmed.
At the same time, concerns remain about uneven growth, economic divergence, and below-average medium-to-long-term growth prospects, with leaders pledging to address these issues through structural reforms, sustainable investments, and fostering a stable, inclusive financial system.
‘A clear message’
Commenting on the statement by the G20, UN Climate Change Executive Secretary Simon Stiell, said that world leaders have “sent a clear message to the negotiators at COP29: do not leave Baku without a successful new finance goal. This is in every country’s clear interests.
“Leaders of the world’s largest economies have also committed to driving forward financial reforms to put strong climate action within all countries’ reach. This is an essential signal, in a world plagued by debt crises and spiralling climate impacts, wrecking lives, slamming supply chains and fanning inflation in every economy.”
He added that the leaders have reinforced the importance of global cooperation, adding that COP29 “must show how it’s done”, by setting an ambitious new finance goal.
Climate action
Elsewhere, Ani Dasgupta, President and CEO, World Resources Institute, added that the G20 summit has “reaffirmed that just, equitable climate action must remain at the center of the global agenda”, something that should act as a catalyst for negotiations in Baku.
“The shadow of Donald Trump’s recent election in the United States was expected to cast a shadow over the G20 Summit, yet leaders stood by their dedication to collaborate on some of the world’s most pressing issues, including financial reform, poverty, hunger and clean energy,” he said. Read more here.
