At the Rio de Janeiro G20 Summit, leaders emphasized the urgency of combating climate change, with a call to ramp up global climate financing from billions to trillions. A joint statement highlighted the need for developed nations to deliver on funding commitments, urging wealthier nations to aid vulnerable economies. However, divisions persisted over expanding the contributor base to include affluent developing nations like China, potentially delaying consensus.
Brazil’s President Luiz Inácio Lula da Silva underscored the visible impacts of global warming and called for immediate action. The leaders also pledged to finalize a legally binding treaty on plastic pollution by the end of 2024, signaling a dual focus on pollution control and clean energy transitions. Meanwhile, concerns over the U.S.’s commitment loomed, with speculation about potential climate policy rollbacks under a returning Trump administration.
The summit sets the stage for the upcoming COP29 in Azerbaijan, where a new financial target for global climate funding is expected. Yet, with unresolved disputes and rising geopolitical tensions, the path to an ambitious deal remains fraught. Economists and activists argue that achieving a $1 trillion annual fund is essential, but unified action among the G20 economies—which account for 85% of global emissions—is still uncertain.
