UK launches Global Clean Power Alliance at G20 as climate finance negotiators seek climate finance breakthrough in Baku

Rio de Janeiro, Brazil – Today, UK Prime Minister Starmer and Brazilian President Lula launched the Global Clean Power Alliance (GCPA) at the Brazil-led G20. The initiative focuses on supporting emerging and developing economies with building out clean energy, including through a ‘finance mission’, and is launched as governments at COP29 in Baku struggle to reach convergence on a new climate finance target.

Statements:

Ilan Zugman, Director for Latin America and the Caribbean at 350.org, highlighted the importance of equitable and transparent climate financing:
“This announcement is a step in the right direction, but it must go further. This isn’t just about adding more clean power—it’s about transforming the entire power system by phasing out gas, oil, and coal. To succeed, the alliance cannot rely on public finance as mere ‘peanuts’ to leverage trillions in private investment. We need new climate finance—in trillions, grants, and transparency—to ensure a fair and equitable transition to renewable energy. Decisions on this could be made in Baku this week, and both the UK, and Brazil as the G20 Presidency and the upcoming COP30 Presidency must send the right signals and actively support efforts to land it.”

Laurie van der Burg, Public Finance lead at Oil Change International, said:
“Increased ambition to support the build-out of renewable energy is urgently needed and North-South collaboration on this agenda is welcome. While many coalitions make grand promises without following through, this initiative must demonstrate real commitment by providing fair financing and ending fossil fuel investments. In doing so it can build on another UK-led initiative, the Clean Energy Transition Partnership (CETP), which has already successfully reduced international public finance for fossil fuels and at COP29 launched a commitment for collaboration on accessible public support for clean energy targeting Emerging Markets and Developing Economies (EMDEs).

“At COP29 in Baku, GCPA members have a crucial opportunity to support an ambitious New Collective Quantified Goal (NCQG) for climate finance. While developed nations suggest private finance can drive the energy transition, we know this approach falls short of meeting funding needs in vulnerable countries and sectors. The GCPA must champion trillion-dollar financing packages, primarily through grants, to ensure a just energy transition.”

Kate Blagojevic, Associate Director of Europe Campaigns at 350.org said:
“It is truly heartening to see the UK grabbing the reins to steer climate action globally but this initiative is simply not enough to get us over the finish line. The UK government cannot and must not rely on private finance to deliver fair, cheaper and reliable renewable energy to everyone who needs it – it won’t happen. We need to see public finance being mobilized with the same zeal by agreeing to tax the super rich and then channeling funds towards climate action at home and in the Global South. As the UK has phased out coal, it must phase out oil and gas dependency too and support other countries to do so with great urgency. The UK should immediately divert subsidies away from fossil fuels and tax Big Oil properly to make sure they pay for the damage they are doing, and to make drilling for oil a financial risk rather than reward.”