The UN’s climate chief called on G20 nations Saturday to help break the deadlock in negotiations over climate financing for developing nations at COP29, highlighting the significant gaps that remain as the talks reach their midpoint.
Simon Stiell’s appeal comes as negotiators in Baku work through the night on a 25-page draft agreement, with major disagreements persisting over funding commitments and donor responsibilities.
“As G20 Leaders head to Rio de Janeiro, the world is watching and expecting strong signals that climate action is core business for the world’s biggest economies,” Stiell said, ahead of Monday’s G20 meeting in Brazil.
At the heart of the dispute is a demand from developing nations for $1.3 trillion in annual climate funding — more than ten times current commitments from major donors including the United States, European Union, and Japan. The funds would support climate adaptation and clean energy transitions in nations least responsible for global emissions.
The talks have stalled over several key issues, including the final funding amount, financing mechanisms, and donor obligations. Developed nations are pushing for China and wealthy Gulf states to join the roster of contributing countries, adding another layer of complexity to the negotiations.
“There is a long way to go, but everyone is very aware of the stakes,” Stiell noted, emphasizing the crucial role of the G20 in advancing climate finance solutions both within and outside the COP process.
Ministers are expected to arrive next week for the summit’s final phase, facing pressure to bridge the substantial divides that have emerged during technical negotiations.
The outcome of these talks could significantly impact global climate action, particularly in vulnerable nations already facing the brunt of climate change impacts despite their minimal contribution to greenhouse gas emissions.
