G20 nations reach climate finance breakthrough

Diplomats at the two-day G20 summit in Brazil, which began today, have agreed on a text supporting voluntary climate finance contributions from developing nations but stopped short of making them mandatory.

It marks a small yet significant breakthrough on climate finance, a key issue also under negotiations at the UN COP29 climate talks in Azerbaijan.

UN Secretary-General Antonio Guterres and climate chief Simon Stiell have urged members to increase climate funding for developing nations and reform multilateral development banks.

The consensus on climate finance underscores ongoing tensions as wealthier nations, particularly in Europe, push for broader contributions even from richer developing countries like China and Middle Eastern oil producers.

Several countries have emphasized the need for substantial funding from wealthier nations to help achieve their climate targets, including limiting global warming to below 1.5 degrees Celsius.

However, uncertainty surrounding US support for the Paris Agreement under President-elect Donald Trump, who plans to roll back Biden-era climate policies, casts doubt on future funding.

G20 countries are responsible for 80% of global emissions and face increasing pressure to take the lead on climate action.