G20 talks in Rio reach breakthrough on climate finance

18/11/2024 11:28

        Diplomatic tensions over global warming will take center stage at the G20 summit in Brazil this week, as negotiators at U.N. talks in Azerbaijan hit an impasse on climate finance that they hope leaders of the world's 20 major economies can break.
        
        Heads of state arriving in Rio de Janeiro on Sunday for the G20 summit will spend Monday and Tuesday addressing issues from poverty and hunger to the reform of global institutions. Still, the ongoing U.N. climate talks have thrown a spotlight on their efforts to tackle global warming.
        
        While the COP29 summit in Baku, Azerbaijan, is tasked with agreeing a goal to mobilize hundreds of billions of dollars for climate, leaders of the Group of 20 major economies half a world away in Rio are holding the purse strings.
        
        G20 countries account for 85% of the world's economy and are the largest contributors to multilateral development banks helping to steer climate finance. They are also responsible for more than three-quarters of greenhouse gas emissions worldwide.