G20 Climate Breakthrough in Rio Amid U.S. Uncertainty

Leaders set sights on $1 trillion climate finance, aiming to limit warming to 1.5°C.

Leaders set sights on $1 trillion climate finance, aiming to limit warming to 1.5°C

• Brazil’s “Mission 1.5” pushes for Paris Agreement goals, targeting 1.5°C warming cap.

• Trump’s election threatens U.S. support for international climate efforts.

• COP29 will refine a $1 trillion annual funding goal, expanding donor bases.

World leaders at the G20 in Rio made progress on climate finance, aiming for $1 trillion annually to aid developing nations. The “Mission 1.5” initiative, spearheaded by Brazil, emphasizes maintaining the Paris Agreement's temperature goals. However, the election of U.S. President-elect Trump complicates commitments as his administration could withdraw U.S. support.

This is critical because the U.N. estimates current pledges lead to a 2.6°C rise, far exceeding the 1.5°C goal. Wealthier nations demand richer developing countries like China contribute to new funding targets.

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Technical Focus

To limit warming to 1.5°C, the U.N. warns $2.4 trillion is needed yearly. Current global funding targets, such as the unfulfilled $100 billion goal, fall drastically short. Proposed financing blends public, private, and multilateral sources, emphasizing fairness and debt sustainability.

Discussions included expanding contributors to oil-rich nations and China, but these were resisted. Economists at COP29 stressed urgency, calling for funds to support vulnerable nations. “The stakes have never been higher,” said an attendee. Brazil plans to elevate “Mission 1.5” at COP30 next year.