What's happened
As G20 leaders convene in Rio, the ongoing UN climate talks in Baku remain stalled. UN officials urge the G20 to commit to significant climate financing for developing nations, emphasizing the urgent need for cooperation to combat climate change and its economic impacts.
Why it matters
What the papers say
According to Fiona Harvey from The Guardian, UN climate chief Simon Stiell emphasized that without rapid cuts in emissions, 'no G20 economy will be spared from climate-driven economic carnage.' Meanwhile, the South China Morning Post reported that UN Secretary General Antonio Guterres called on the G20 to 'lead by example' in climate financing, highlighting the group's significant role in global emissions. The ongoing tensions between developed and developing nations regarding financial contributions are evident, with European nations pushing for broader participation in funding efforts, as noted in the South China Morning Post.
How we got here
The G20 summit in Rio coincides with the UN's Cop29 climate talks in Baku, where negotiations for a $1 trillion climate investment deal for developing nations have reached an impasse. The G20, responsible for a significant portion of global emissions, is under pressure to lead climate financing efforts.
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