By Oke Peter
As G20 Leaders head to Rio de Janeiro, the world is watching and expecting strong signals that climate action is core business for the world’s biggest economies.
The G20 was created to tackle problems that no one country, or group of countries, can tackle alone. On that basis, the global climate crisis should be order of business Number One, in Rio next week.
Climate impacts are already ripping shreds out of every G20 economy, wrecking lives, pummeling supply chains and food prices, and fanning inflation. Bolder climate action is basic self-preservation for every G20 economy. Without rapid cuts in emissions, no
G20 economy will be spared from climate-driven economic carnage.
But there is also a good news story, which starts with the number 2 trillion – that’s how many US dollars will flow to clean energy and infrastructure this year alone. Double what’s gone to fossil fuels. Some G20 countries are already taking a big slice of this fast-growing clean energy boom.
Boosting global climate finance is about ensuring all countries can share in the vast benefits of bolder climate action: stronger growth, more jobs, less pollution, and more secure and affordable energy.
And ensuring all countries can build resilience into their parts of global supply chains.
Stepping it up on climate finance globally requires action both inside our COP process and outside of it.
Here in Baku negotiators are working around the clock on a new climate finance goal. There is a long way to go, but everyone is very aware of the stakes, at the halfway point in the COP.
Climate finance progress outside of our process is equally crucial, and the G20’s role is mission-critical.
Next week’s Summit must send crystal clear global signals.
That more grant and concessional finance will be available.
That further reform of multilateral development banks is a top priority, and G20 governments – as their shareholders and taskmasters – will keep pushing for more reforms.
That debt relief is a crucial part of the solution, so that vulnerable countries are not hamstrung by debt servicing costs that make bolder climate actions all-but impossible – the G20 forum should make progress on this.
Finally, in turbulent times and a fracturing world – G20 Leaders must signal loud and clear that international cooperation is still the best and only chance humanity has to survive global heating. There is no other way.
