G20 sends positive signal on climate finance at COP29

G20 leaders meeting in Brazil have released a Leaders Declaration that has sent a positive signal on the need to agree on a new climate finance goal at the UN Climate Change Conference (COP29) in Baku.

Jasper Inventor, Head of COP29 Greenpeace Delegation said:“This is a positive signal from the G20, that despite their differences, they’ve reaffirmed their support for an agreement to be reached at COP29 on the new climate finance goal. This momentum must now be translated into concrete outcomes in Baku. Amid slow COP29 progress, the world must find ways to keep bridging divisions because the escalating climate impacts will not spare any country and jointly taking action is in all our best interests.”

“The finance goal to be agreed at COP29 needs to significantly scale up public finance and it’s time for the polluting fossil fuel industry to pay up as a critical source of financing. We hope the G20 declaration will propel talks in Baku to the positive outcome the world desperately needs.”

“G20 reaffirmation of the COP28 Global Stocktake and a commitment to respond to that in their climate action plans, due next year, is likewise welcomed. Accounting for around 75% of global emissions, the G20 has a responsibility to lead climate action, so it was disheartening they did not explicitly reaffirm the landmark COP28 language on the transition away from fossil fuels. This is an agenda that must now be at the heart of Brazil’s COP30 Presidency.”

“Brazil’s leadership at the G20 is an important step, demonstrating its commitment to driving bold action to address the climate crisis. By uniting like-minded countries, Brazil can set the tone for decisive climate action, rallying the world’s largest economies towards a strong multilateral collaboration around climate. This leadership is pivotal to ensuring COP30 delivers ambitious outcomes, reinforcing the global commitment needed to stop the climate crisis”.

An Lambrechts, Biodiversity Policy Expert at Greenpeace International said: “The G20’s reaffirmation to swiftly implement the Kunming-Montreal Global Biodiversity Framework and the Global Ocean Treaty is a good development. It supports efforts at COP29 for a decision to build joint work between climate and biodiversity conventions on the road to COP30 Belém. There is an urgent need to act on the protection and restoration of high integrity ecosystems like primary forests and to establish marine protected areas.”

Marilia Monteiro Silva, Senior Campaign Strategist, Greenpeace International, said: “The majority of people in G20 countries want to tax the super-rich. Rising global inequality means there’s a critical need to redistribute the wealth they’ve hoarded due to exploitation and to reclaim funds urgently needed to deal with the biodiversity, climate and social crises. People who are struggling with cost-of-living pressures cannot continue to bear the costs.

“While we welcome the efforts of the Brazilian government in leading the discussion on the need to tax the super-rich, G20 countries lost an opportunity to set the ground for a more ambitious progress on the taxation of high-net-worth individuals.

“Progressive taxation is not only a tool to address domestic inequality, as mentioned in the declaration. The global tax system needs to be reformed in the UN Tax Convention process to ensure inequalities between countries, resulting from an unfair tax system, are also addressed.

“If the G20 countries are serious about addressing climate, biodiversity and social challenges, they need to be at the forefront of international tax cooperation and demonstrate leadership by ensuring wealthy individuals are fairly and properly taxed.”