Despite the slow progress at Cop29, a boost has come from the G20 summit in Rio de Janeiro. The communique reaffirmed the transition away from fossil fuels, a key outcome from Cop28. Although not explicitly mentioned, the G20 referenced the previous conference in Dubai where this resolution was agreed upon. Civil society groups have praised this reaffirmation, with hopes that it will lead to concrete outcomes at Cop29 in Baku.
The G20 also touched on the need for trillions, not billions, in climate finance, but lacked specificity on the sources of funding. While some welcomed this call for finance, others criticized the vague wording and lack of commitment from richer nations to provide public finance. The urgency of the climate crisis demands stronger and more immediate action.
At Cop29, negotiations continue, with a focus on designing a new model for climate finance that can deliver at least $1tn a year for developing countries. Challenges persist as different countries have divergent views on how to proceed. Despite obstacles from oil-producing states, discussions on transitioning away from fossil fuels have also been reignited. The pressure to reach a deal before the arrival of a second Trump administration next year is significant, but there is still time left in the conference.
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