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World looks to G20 in Rio for advancement in climate talks

Diplomatic tensions over global warming will take spotlight at the G20 summit in Brazil this week, as arbitrators at U.N. talks in Azerbaijan hit a deadlock on environment financing that they hope leaders of the world's 20 major economies can break.

Heads of state showing up in Rio de Janeiro on Sunday for the G20 top will invest Monday and Tuesday resolving concerns from poverty and appetite to the reform of global institutions. Still, the ongoing U.N. climate talks have tossed a spotlight on their efforts to take on global warming.

While the COP29 summit in Baku, Azerbaijan, is charged with agreeing a goal to mobilize hundreds billions of dollars for the climate, leaders of the Group of 20 major economies half a world away in Rio are holding the handbag strings.

G20 countries represent 85% of the world's economy and are the biggest factors to multilateral advancement banks helping to guide environment finance. They are also accountable for more than three-quarters of greenhouse gas emissions worldwide.

All nations should do their part. But the G20 must lead, U.N. Secretary General Antonio Guterres told COP29 recently. They are the largest emitters, with the best capabilities and responsibilities.

Reaching such an accord might just get tougher with the return to power of U.S. President-elect Donald Trump, who is reportedly preparing to again pull the United States out of the Paris environment accord.

Trump is likewise planning to roll back landmark climate legislation passed by the outgoing Joe Biden, who will end up being the first U.S. president to go to the Amazon jungle when he makes a stop there on Sunday on his method to Rio.

U.N. environment chief Simon Stiell wrote a letter to G20 leaders on Saturday imploring them to act upon climate finance, consisting of boosting grants for developing nations and advancing reforms of multilateral development banks.

Nevertheless, the very same battles that have actually afflicted COP29 considering that it began recently are spilling over into G20 settlements, according to diplomats near to the Rio talks.

COP29 must set a brand-new objective for how much funding ought to be directed from industrialized nations, multilateral banks and the economic sector to developing countries. Economists informed the top it ought to be at least $1 trillion.

Wealthy nations, particularly in Europe, have actually been stating that an enthusiastic goal can just be concurred if they expand the base of contributors to include a few of the richer developing nations, such as China and significant Middle Eastern oil producers.

On Saturday, conversations of a G20 joint declaration in Rio snagged on the same problem, with European nations promoting more countries to contribute and establishing countries such as Brazil pushing back, diplomats close to the talks told Reuters.

The success of not just COP29 but also the next U.N. climate top, COP30 hosted in Brazil next year, depends upon a. development on environment finance.

A focal point of Brazil's COP30 method is Mission 1.5, a. drive to keep alive the Paris Agreement target of limiting. global warming to 1.5 degrees Celsius. The U.N. estimates that. present nationwide targets would trigger temperature levels to increase by at. least 2.6 degrees C.

Developing countries argue they can only raise their targets. for emissions reductions if rich nations, who are the main. culprits for environment change, bear the cost.

It is technically possible to meet the objective of 1.5 degrees. Celsius, but only if a G20-led, massive mobilization to cut all. greenhouse gas emissions ... is achieved, said Bahamas Prime. Minister Philip Davis at COP29 last week.

(source: Reuters)