G20 role in climate finance critical: UN body chief – Times of India

BAKU: With world leaders heading to Rio de Janeiro for the G20 summit next week, the UN climate chief Simon Stiell on Saturday urged them to send a strong signal that climate action is core business for the world’s biggest economies and step up climate finance globally as it requires action both inside and outside the COP process.
His remarks come as negotiators here continue to brainstorm on finalising post-2025 climate finance goals without making much headway on the latest iteration of the draft decision text during multiple negotiations at CO. It is believed that the leaders’ declaration by G20 leaders at Rio may give a push to the ongoing negotiation here.
“Here in Baku negotiators are working around the clock on a new climate finance goal. There is a long way to go, but everyone is very aware of the stakes, at the halfway point in the COP. Climate finance progress outside of our process is equally crucial, and the G20’s role is mission-critical,” said Stiell.
Underlining that the G20 summit (Nov 18-19) must send a crystal clear signal that more grant and concessional finance will be available to developing countries for their climate action, the UNFCCC chief said the G20 leaders must indicate “loud and clear” that international cooperation is still the best and only chance humanity has to survive global heating.
“The G20 was created to tackle problems that no one country, or group of countries, can tackle alone. On that basis, the global climate crisis should be the order of business Number One, in Rio next week,” he said.
The G20, a group of developed countries and emerging economies including India, Brazil and China, hold 80% of the world’s GDP and account for around 80% of the world’s emissions of greenhouse gases.