The United Nations climate chief, Simon Stiell, has called on G20 leaders to provide decisive support for global climate finance during their upcoming summit in Rio de Janeiro. His plea comes as negotiations at COP29 in Baku face slow progress on setting a new financial target to address the impacts of global warming.
Stiell emphasized the need for grants, loans, and debt relief to enable vulnerable nations to take bold climate actions. Business coalitions echoed this call, urging governments to implement policies that accelerate the transition from fossil fuels to clean energy, unlocking private sector investments.
Developing nations require at least $1 trillion annually by 2030 to combat climate change. However, talks in Baku remain divided over key issues, such as the size of the financial target and who should contribute. Large oil-producing nations, including Saudi Arabia, have reportedly resisted efforts to advance last year's COP28 agreement to phase out fossil fuels.
Uganda's energy minister, Ruth Nankabirwa, underscored the urgency of securing affordable financing for clean energy projects, highlighting the challenge of achieving energy transitions without adequate funding.
