BAKU: The G20 Leaders' Summit in Rio de Janeiro concluded with a declaration that reaffirmed commitments to multilateralism, sustainable development, and climate finance reform.
However, it conspicuously avoided language on fossil fuels phase-out, a critical element in the UAE COP28 global stocktake (GST) outcome document and last year’s G20 commitments.
Leaders endorsed ambitious climate finance initiatives, including scaling up finance from 'from billions to trillions' and investments in clean energy transitions, but failed to provide a roadmap for phasing out fossil fuels.
Opposition from fossil fuel exporters such as Saudi Arabia allegedly played a significant role in watering down the language.
In Baku, a day after the COP29 presidency sought a sort of strong positive signals from G20 to release the deadlock on climate finance, the declaration, as many experts see, was 'disappointing'.
Luca Bergamaschi, Director of the Italian think tank ECCO warned that "Without a clear path to transit away from fossil fuels, the world remains on a dangerous path. Looking at next year, this is a warning and a lesson for Brazil to prevent vested interests undermining the COP30 process."
The declaration says, "We look forward to a successful New Collective Quantified Goal (NCQG) outcome in Baku. We pledge our support to the COP29 presidency and commit to successful negotiations in Baku.”
During a press conference on Tuesday, COP29 lead negotiator Yalchin Rafiyev saw positives in the G20 declaration. He also said that the first iteration of the full draft text on NCQG will be released on Wednesday.
To a specific question on fossil fuel transition, Rafiyev said: "COP29 presidency's one of the top priorities is to ensure a balanced package of outcomes, which includes outcomes related to mitigation. We understand that implementation of GST in its entirety is an important expectation from COP29 and we have robust plans to do it."
Harjeet Singh, Global Engagement Director for the Fossil Fuel Non-Proliferation Treaty Initiative, said mere lip service from the G20 leaders will not be enough to ease the tensions here in Baku.
"G20 leaders' rehashed rhetoric offers no solace for the fraught COP29 negotiations, where we continue to see a deadlock on climate finance. Developed nations remain unmoved, failing to neither quantify the trillions needed nor to ensure the funds provided as grants—essential for achieving climate justice," he said.
"Without decisive progress on finance at COP29, we are steering towards a catastrophic temperature scenario, where the most vulnerable will bear the gravest consequences," he added.
Rebecca Thissen, Global Advocacy Lead at Climate Action Network International said that G20 leaders have failed to deliver the much-needed political signals from Rio to Baku.
"The silence on the new climate finance goal and refusal to address a fossil fuel phase-out are unacceptable from the world’s largest economies and highest emitters. As uncertainty grows at COP29, this is a moment that demands political leadership and not the passive repetition of past agreements,” she said.
