BAKU: At their meeting in Rio de Janeiro next week, the leaders of the world’s largest economies were urged by the UN climate chief on Saturday to demonstrate their support for global climate finance initiatives. UN Framework Convention on Climate Change Executive Secretary Simon Stiell made the appeal in a letter to G20 leaders as COP29 negotiators in Baku are having difficulty reaching an agreement to increase funding to fight the escalating effects of global warming.
“The summit next week needs to send very clear signals around the world,” Stiell wrote in the letter. In addition to debt relief, he stated that the signal should encourage more grants and loans so that poor nations “are not constrained by debt payment expenses that make boulder climate actions all but impossible.
In a separate letter, a coalition of business groups, including the Brazilian Council for Sustainable Development, the United Nations Global Compact, and the We Mean Business Coalition, called on governments, led by the G20, to provide the policies for a faster transition from fossil fuels to clean energy in order to unlock the crucial private sector investment required.
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