G20 leaders take part in a Family Photo at the G20 Summit in Rio de Janeiro, Brazil. (AP) BAKU: With G20 leaders at the Rio Summit recognising the need to rapidly scale-up climate finance and reach a new goal at the COP29 in Baku, UN climate body chief Simon Stiell on Tuesday said the grouping’s member nations have sent a clear message to their representatives not leave the Azerbaijan capital without a successful fresh finance goal — a most critical component of negotiations at the climate conference that is scheduled to end Friday. G20 leaders in their joint declaration in Brazil not only pledged their support to the COP29 presidency for successful negotiations leading to the New Collective Quantified Goal (NCQG) on climate finance, but also indicated enhancing the ambition by recognising the New Delhi declaration on the need for rapidly and substantially scaling up climate finance from "billions to trillions" from all sources.
"G20 leaders have sent a clear message to their negotiators at COP29: Do not leave Baku without a successful new finance goal. This is in every country’s clear interests," said Stiell while reacting to the declaration at Rio. Since issues of climate finance, both its quantum and quality, are the most critical components of the negotiation here, the signal from the G20 will give new momentum to the process.
Though the G20 leaders did not give any figure for the post-2025 climate finance annual target, the intent to "cooperate and support the proc.