As global leaders deliberate at COP29 in Baku, Azerbaijan, attention shifts to the upcoming G20 Leaders’ Summit in Rio de Janeiro, Brazil. The 19 G20 member nations, alongside EU and African Union representatives, have a pivotal role in supporting discussions around the New Collective Quantified Goal (NCQG) for climate finance. With just five days remaining until COP29 concludes, urgent decisions are needed to finalize this goal, including its quantum, contributors, and distribution mechanisms.
In a letter addressed to ministers and COP29 President H.E. Mukhtar Babayev, leaders were urged to set aside conflicts and focus on achieving a decisive outcome. The NCQG must be ambitious, aligning its quality and quantity with the needs of developing countries. This milestone is critical, not just for nations most vulnerable to climate change but for the benefit of all humanity in averting some of the impacts of climate change.
The NCQG is a moral and legal obligation and an opportunity to advance equitable climate action equitably. It should include minimum allocations for mitigation, adaptation, and loss and damage, ensuring that developing nations can address all three pillars of climate action.
Furthermore, the Paris Agreement’s call to uphold human rights, gender equality, and intergenerational equity must remain central to these commitments.
The urgency of action is evidenced by the escalating climate crises throughout the globe. In the Global South, catastrophic losses from super typhoons in the Philippines, widespread floods in Latin America, and severe droughts in southern Africa are devastating communities.
For instance, southern Africa is experiencing its worst drought in a century, which has left over 27 million people food insecure and 21 million children malnourished. Countries like Zimbabwe, Malawi, and Namibia have declared national emergencies, highlighting the need for immediate and sustained financial support.
Reflecting on the Summit of the Future held in September in New York, global leaders reaffirmed their commitment to the Sustainable Development Goals (SDGs) and agreed to a Pact for the Future. This included 56 actions to address climate change and other global challenges.
Yet, the ongoing finance impasse at COP29 threatens progress despite the earlier anticipation of a well-formulated outcome on climate finance. Leaders must confront a pressing question: how can global climate action scale up without mobilizing the trillions of dollars required?
Climate finance is the foundation of sustainable development and the Paris Agreement’s vision of a thriving world. These decisions made at COP29 and the G20 Summit will shape humanity’s trajectory. With decisive action, leaders have the power to create a future where people, ecosystems, and species not only survive but thrive.
