By Faridat Salifu
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As world leaders from the G20 nations prepare to meet in Rio de Janeiro on Monday, the United Nations has issued a stark warning: without significant financial commitments to help developing countries tackle the climate crisis, the world will face “economic carnage.” The two-day summit in Brazil comes at a crucial juncture, as key negotiations at the Cop29 climate summit in Azerbaijan have stalled, and the financial support needed to help the world’s poorest countries mitigate and adapt to climate change remains elusive.
Simon Stiell, the UN’s climate chief, urged the G20 leaders to prioritize climate action in Rio, calling the global crisis “order of business number one.” Stiell stressed that climate impacts are already wreaking havoc on G20 economies, disrupting supply chains, driving up food prices, and fueling inflation. “Bolder climate action is basic self-preservation for every G20 economy,” he said. “Without rapid cuts in emissions, no G20 economy will be spared from climate-driven economic collapse.”
The UN also called for a focus on debt relief for poorer countries, many of which are unable to fund climate resilience efforts due to mounting debt burdens exacerbated by rising interest rates.
Stiell warned that international cooperation is the only way to avert catastrophic outcomes, emphasizing the need for G20 leaders to demonstrate their commitment to global solidarity in the face of rising temperatures.
At the same time, negotiations at Cop29 in Azerbaijan have struggled to make significant progress. While some G20 leaders, including Italy’s Giorgia Meloni and Turkey’s Recep Tayyip Erdoğan, attended the talks in Baku, many countries sent ministers or senior officials instead. With only a few days left in the summit, poorer nations are pushing for a global climate finance package that would provide $1 trillion annually by 2030.
Economists have highlighted that developing countries—excluding China—will require about $2.4 trillion each year to meet the targets of the Paris Agreement, with external finance contributing $1 trillion of that total.
Of that amount, roughly half should come from private sector investments, a quarter from multilateral development banks like the World Bank, and the remainder from philanthropic contributions, government aid, and new climate levies.
The Cop process itself is also under scrutiny, with critics calling for stricter criteria for hosting future summits. A group of prominent global figures recently urged the UN to ensure that future COPs be held in countries with demonstrable climate action credentials, citing concerns about the influence of fossil fuel interests.
This year’s Cop29 is being held in Azerbaijan, where the economy is heavily reliant on oil and gas, and the country’s president, Ilham Aliyev, referred to fossil fuels as a “gift of God” during his opening speech.
Next year’s Cop30, to be hosted by Brazil, will also serve as a critical platform for further climate commitments, with President Luiz Inácio Lula da Silva expected to press for stricter emissions targets for G20 countries. Brazil is aiming for more ambitious climate finance goals and a tougher stance on global emissions reductions.
The UK has already outlined its new emissions target—an 81% reduction by 2035 compared to 1990 levels—and reaffirmed its commitment to providing £11.6 billion in overseas climate finance by 2026. However, questions remain over whether these financial pledges will be met, particularly after delays under the previous UK government.
While Cop29 has seen some positive gestures, delegates remain cautious about the slow pace of negotiations. As one participant noted, “This is to be expected at this stage. But we do need to pick up the pace next week.”
With the clock ticking and the stakes higher than ever, G20 leaders in Rio must act decisively, or the economic consequences of inaction will be felt across the globe for years to come.
