G20 final declaration reiterates commitment to Paris Agreement goals
The document calls for the expansion of climate finance
Leo Rodrigues
Published on 19/11/2024 - 10:23
Agência Brasil - Rio de Janeiro
The final declaration of the G20 Leaders' Summit reaffirms member countries' commitment to the Paris Agreement's main guidelines. The leaders agreed on the goal of keeping the increase in the global average temperature well below 2ºC above pre-industrial levels, recognizing that the impacts of climate change will be significantly less with an increase limited to 1.5ºC.
The Paris Agreement, signed in 2015 by all 193 Member States of the United Nations (UN), established the 2030 Agenda, comprising 17 Sustainable Development Goals (SDGs), each accompanied by a detailed set of targets.
The G20 final declaration, released on Monday (November 18) at the end of the first day of the summit, notes that only 17% of the SDG targets have made significant progress since 2015 and describes a series of challenges.
The text addresses five main topics: the international political and economic situation, social inclusion and the fight against hunger and poverty, sustainable development and climate action, the reform of global governance institutions, and inclusion and effectiveness within the G20.
Argentina's commitment to the final text was questioned, and the government led by Javier Milei expressed some disagreements. Despite this, the country signed the declaration but also issued a statement of reservations and “partially disassociated itself from the entire content of the 2030 Agenda.”
As well as reaffirming the guidelines of the Paris Agreement, the declaration's section on sustainable development and climate action emphasizes the commitment to multilateralism and highlights the urgent need for effective initiatives to tackle the crises and challenges posed by climate change, biodiversity loss, desertification, ocean and soil degradation, droughts and pollution.
The declaration highlighted the goal of tripling global renewable energy capacity and doubling the average annual rate of improvement in energy efficiency. It also included a commitment to conclude negotiations on an international instrument to combat plastic pollution by the end of the year.
Financing
The declaration also emphasizes the need for greater international collaboration and support to increase public and private climate finance and investment. It highlights the importance of optimizing the operations of green funds and advocates innovative mechanisms such as the proposed Tropical Forests Forever Fund (TFFF). It also expresses support for the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, to advance negotiations on environmental financing.
The text states: “Developing countries must be supported in their transition to low-carbon emissions, and we will work to facilitate low-cost finance for these nations. We recognize the crucial role of national energy planning, capacity building, policy strategies, and legal frameworks, as well as cooperation between different levels of government, in creating enabling environments that attract investments for energy transitions.”
This was the first time that Brazil has chaired the G20 since 2008, when the current format of the group was established, comprising the world's 19 largest economies, the European Union and, more recently, the African Union. The Leaders' Summit represents the culmination of Brazil's presidency, with South Africa set to succeed Brazil as the group's next president.
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