G20 Provides a Boost For Climate Funding Negotiations at COP29

TaiwanPlus News

Leaders at the G20 summit in Brazil have provided a boost for negotiations on climate funding at COP29. In a joint statement, they called for increased climate financing, bringing a deal at COP29 a step closer.

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00:00As the United Nations' COP29 climate summit enters its final day in Baku, Azerbaijan,

00:07delegates are rushing to hash out a deal for more funding to combat global warming.

00:11And they're getting help from UN chief Antonio Guterres at another summit halfway around

00:17the world.

00:18Speaking at the G20 meeting in Brazil, Guterres urged the leaders of the world's richest

00:23countries to make a commitment to saving the environment, saying failure is not an option.

00:29The climate crisis has burned through another record, with 2024 likely to be the hottest

00:35year in history.

00:37We see the impacts everywhere and look no further than the drought in the Amazon and

00:43horrible floods in southern Brazil.

00:46Negotiations seeking significantly scaled-up climate funding had stalled at COP29 due to

00:52lack of consensus among members.

00:55But as the G20 ended, leaders backed the increase.

00:59In a joint statement, the group called for rapidly and substantially increasing climate

01:04finance, from the billions to the trillions, to pay for the response to climate change.

01:11The G20 leaders also reaffirmed their commitment to the 2015 Paris Agreement and the transition

01:16away from fossil fuels.

01:19With G20 member countries playing an important role in the decision-making at COP29, holding

01:2485% of global GDP, it's brought an agreement a step closer.

01:29We appreciate the signal that they have sent of their intention to accelerate the reform

01:34of the international financial architecture.

01:38We thank them for their support for a successful NCQG outcome in Baku.

01:43We now need to translate political will into practical work.

01:47COP29 negotiators are now tasked with the job of reaching a concrete deal on how much

01:52money richer nations must provide to developing countries to aid them in moving away from

01:57fossil fuels, funding that delegates from poorer nations say is crucial.

02:03We are constrained by the lack of adequate climate finance, just like many other less

02:08developed countries.

02:09It is imperative that developed nations fulfil their existing climate finance commitments.

02:15The new collective quantified goals represent a pivotal opportunity to correct past shortcomings.

02:20The toll of climate change on show outside the conference venue as protesters exhibited

02:26items recovered from natural disasters around the world.

02:29Just a small reminder of how much worse things could get if negotiators can't reach an agreement

02:34in the next two days.

02:36James Lin and Rosie Greninger for Taiwan Plus.

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