COP29 gets boost from Rio as G20 leaders back scaling up climate finance from ‘billions to trillions’

The G20 communiqué comes as the clock ticks down on COP29, which is set to wrap up this Friday in the Azerbaijan capital, Baku. The complex negotiations on new and significantly scaled-up funding for loss and damage and accelerated clean energy goals are moving slowly, as some countries dig into their positions while waiting for others to pull back from their own. 

UN climate chief Simon Stiell who earlier warned against brinkmanship and what he called ‘you-first-ism’, said today that G20 leaders sent a clear message to their negotiators at COP29: “A successful new finance goal… is in every country’s clear interests.” 

“Leaders of the world’s largest economies have also committed to driving forward financial reforms to put strong climate action within all countries’ reach,” said Mr. Stiell, who is the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), which convenes that annual COP meetings.

He added: “This is an essential signal in a world plagued by debt crises and spiraling climate impacts, which are wrecking lives, disrupting supply chains, and fueling inflation in every economy.”

‘Failure is not an option’

UN Secretary-General António Guterres, who is in Rio to participate in discussions on sustainable development the combat against poverty and hunger, as well as climate change, noted during a session earlier this morning that Brazil is set to host COP30 next year in the eastern Amazon region.

“Failure [in Baku] is not an option. It might compromise the ambition in the preparation of the new national climate action plans, with potential devastating impacts as irreversible tipping points are getting closer. The preservation of the Amazon is a case in point,” he said.

Missing the opportunity to reach agreement on a new climate finance deal in Baku “would inevitably also make the success of COP30 in Brazil much more difficult,” the Secretary-General said, and added: “I appeal to the sense of responsibility of all the countries around this table to help ensure that COP29 will be a success.” 

Some climate and environment activists in Baku said they were cautiously optimistic about the communique, while others gave it a mixed verdict, saying the statement was vague on climate finance and failed to explicitly mention the need to transition away from fossil fuels.

Harjeet Singh, a climate activist who is the Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, shared his views with UN News: “Developed nations remain unmoved, failing to quantify the trillions needed or to ensure these funds are provided as grants – essential for achieving climate justice.”

He added: “Their rehashed rhetoric offers no solace for the fraught COP29 negotiations, where we continue to see a deadlock on climate finance.”

Agrifood solutions

Alongside the negotiations, dozens of meetings and events are underway COP29, with the bulk of today’s activities focused on agriculture, food security and water. Delegations from around world shared experiences on sustainable food production practices and addressed agriculture-related challenges.

Just in time for COP29, new analysis from the UN Food and Agriculture Organization (FAO) has found that nearly all countries identify agrifood systems as a priority for climate change adaptation (94 per cent) and mitigation (91 per cent) in their nationally determined contributions (NDCs).

According to the FAO, this highlights the tremendous potential of agrifood systems as climate solutions, especially as countries prepare to submit their third round of NDCs in 2025.

“Agrifood systems are key to achieving food security and hold the solutions to multiple challenges: climate change, biodiversity, land degradation, and water scarcity,” FAO Assistant Director-General Viorel Gutu said, as climate change is a significant driver of food insecurity in a world where around 730 million people still live in hunger.

He noted, “Unfortunately, current financing and investment are not sufficient to affect the transformation we need.” He added that, over the past two decades, funding for agrifood systems has declined from 37 per cent to 23 per cent of all climate-related development finance.

While agriculture contributes to greenhouse gas emissions, if done right, the industry can also help overcome the crisis.