G20 leaders have reaffirmed their support for the Paris Agreement climate goals, saying that they "fully subscribe" to the Cop 28 deal struck last year — which included language on transitioning away from fossil fuels. They also committed to "successful negotiations" on the new finance goal for developing countries at the UN Cop 29 summit in Baku, Azerbaijan.
The G20 leaders' declaration released early today stated that parties "reaffirm our steadfast commitments, in pursuit of the objective of UNFCCC, to tackle climate change by strengthening the full and effective implementation of the Paris Agreement." The G20 summit is taking place in Brazil over 18-19 November, during the second week of the UN Cop 29 summit in Baku, Azerbaijan.
G20 parties also "welcome and fully subscribe" to last year's Cop 28 deal and global stocktake. The first global stocktake was the main document to come out of Cop 28 last year, setting the path for the next few years, and it will be a five-yearly undertaking to measure progress against Paris Agreement goals. The deal included countries' agreement to "transition away" from fossil fuels, although today's G20 statement did not explicitly mention a reduction in consumption or production of coal, oil and gas. It reiterated support for the implementation of efforts to triple renewable energy capacity globally and double the global average annual rate of energy efficiency improvements.
G20 countries said that they will intensify their efforts to achieve net zero emissions by or around mid-century, and stated that they encourage each other to bring forward net zero commitments.
The document also states that parties "look forward to a successful new collective quantified goal (NCQC) outcome in Baku," and that the G20 pledges support for the Cop 29 presidency. Progress at Cop 29 towards agreeing a new NCQG has not been sufficient, said Cop 29 president Mukhtar Babayev on 18 November, urging G20 leaders to send "a positive signal of commitment".
G20 leaders have sent a "clear message" to their negotiators at Cop 29, to not leave Baku without a successful new finance goal, said UN climate body UNFCCC executive secretary Simon Stiell, adding that "this is in every country's clear interests."
"This is a positive signal from the G20, that despite their differences, they've reaffirmed their support for an agreement to be reached at Cop 29 on the new climate finance goal," said Greenpeace. G20's reaffirmation of the global stocktake is likewise welcomed as the group accounts for around 75pc of global emissions, giving it a responsibility to lead climate action, said Greenpeace.
In line with Cop 29's focus on climate finance, the G20 also acknowledged that developing countries need to be supported in their transitions to low carbon emissions, and "we will work towards facilitating low-cost financing for them".
The G20 also reiterated its commitment in the New Delhi leaders' declaration to boost efforts to phase out and rationalise inefficient fossil fuel subsidies that "encourage wasteful consumption," adding that the parties commit to achieving this. The G20 summit in India last year rolled over a commitment the group first made in 2009 to phase out fossil fuel subsidies, without updating this to a more ambitious target.
G20 members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the UK, the US, the African Union and the EU. Argentina last week pulled its delegation from Cop 29 sparking concern that it may exit the Paris agreement.
