G20 Taskforce Clima Can’t Afford Ambition To Slip: CAN

Bonn, September 11 2024 - The G20 Taskforce for the Global Mobilization against Climate Change is meeting on 12th and 13th September in Rio de Janeiro, Brazil. G20 countries account for almost 80% of the world’s GDP and are the worst emitters globally. Climate Action Network hopes the G20 will present ambitious and serious proposals for addressing the climate crisis.

The Taskforce offers a way for G20 nations to present implementation plans towards the achievement of the COP28 decisions, including the equitable and just transition away from fossil fuels and the tripling of renewable energy. As countries prepare the next iteration of their national commitments, CAN calls on G20 members to commit to submitting their Nationally Determined Contributions quickly and to ensure that these are comprehensive and 1.5C aligned. What the G20 plans to do to achieve agreement on an energy transition and how this will be financed must also be included.

The G20 provided a record $1.4 trillion in public money to support fossil fuels in 2022. CAN asserts that an agreement to eliminate inefficient fossil fuel subsidies with a set deadline is critical and long overdue from the G20.

Shreeshan Venkatesh, Global Policy Lead at Climate Action Network International, said: “The G20 Taskforce should be alive to the fact that the world is burning and money is not flowing in the right direction nor at the scale required. CAN calls on the Taskforce to ensure finance is mobilised to meet the pressing need, with a significant boost to public finance resources and a focus on financial systems transformation. Current financial modes and rules are not fit for purpose, but the G20 is in a position to play a proactive role in promoting and supporting initiatives to change this.

“If G20 countries are serious about actually financing a just transition, they also need to be realistic about the private sector. This starts with the G20 implementing robust regulation and 1.5 alignment,” said Venkatesh.

CAN will closely monitor the proceedings and outcomes of the G20 Taskforce and our expectations for their leadership through strong and ambitious plans are high.

Notes:

1. For more on the G20 Taskforce for the Global Mobilization against Climate Change

https://www.g20.org/en/tracks/sherpa-track/climate-change

2. IMF report on the G20 providing US$1.4 trillion in public money to support fossil fuels in 2022.

https://www.forbes.com/sites/michaelbarnard/2023/10/04/trillions-in-g20-fossil-fuel-subsidies-fuel-profits-and-climate-change

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