G20 Ministers Signal Need for Scaled Public Climate Finance, Must Deliver at Baku Climate Talks
Washington D.C.- Today G20 Foreign Affairs, Finance, and Environment Ministers released a communique following their final meeting as the Task Force on a Global Mobilization against Climate Change (TF-CLIMA). The statement emphasizes the historic COP28 commitment to transition away from fossil fuels and states that “scaling up climate finance and investment for developing countries” with “public finance playing a significant role” and 1.5°C- aligned national climate plans (NDCs) are the key next steps to achieve this goal.
In response to the outcome of the G20 Finance and Climate Ministerial meeting, climate experts said:
Laurie van der Burg, Oil Change International Public Finance Campaign manager, said:
“It is encouraging to see that G20 ministers recognize a need for scaled up climate finance for developing countries ahead of critical negotiations on the new global climate finance target (NCQG). Their call for 1.5°C-aligned national climate plans (NDCs) is also welcome. At the upcoming UN climate talks in Baku, the G20 must build on the progress made today and support agreement on at least $1 trillion in grant-based climate finance from wealthy nations. This funding is essential for developing countries to implement ambitious 2025 climate plans that phase out fossil fuels – the baseline requirement for limiting global heating to 1.5°C. There is no shortage of public money to pay for climate action. Rich countries can mobilize over $5 trillion a year in public money by ending fossil fuel handouts, making polluters pay, and changing unfair global financial rules. In the middle of the worst-ever Global South debt crisis, a grants-based goal on the scale of trillions per year is a must-have to enable a fair fossil fuel phase out. The clock is ticking. It’s time to pay up and phase out.”
Mariana Paoli, Global Advocacy Lead at Christian Aid, said:
“By underscoring the need for scaled up climate finance for developing countries with a significant role for public finance, the G20 sends a positive signal to the upcoming negotiations at COP29 on the new climate finance goal (NCQG). This must be now translated into action. Any amount of money committed for the NCQG that is not based on grants based public finance will be meaningless.”
Rebecca Thissen, Global Advocacy Lead, CAN International, said:
“While the announced objective of the Taskforce to “reset the finance” is welcome, we are still missing much clearer signals to ensure that public finance is core and center to climate action. It is via robust commitments to increase grants based public funding that we will guarantee energy access, build resilient societies and address the damages of the climate crisis. This won’t be fixed by a blind faith in the private sector and won’t work without strong commitments to really transform the global financial architecture. We hope that the upcoming Leaders Summit will see G20 members effectively take their responsibilities in that regard, as major economies and biggest emitters.”
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