G20 final declaration reiterates commitment to Paris Agreement goals
The final declaration of the G20 Leaders' Summit reaffirms the member countries' commitment to the main guidelines of the Paris Agreement. Leaders agreed on the goal of keeping the global average temperature increase well below 2°C above pre-industrial levels, acknowledging that the impacts of climate change will be significantly lower with a rise limited to 1.5ºC.
The Paris Agreement, signed in 2015 by all 193 United Nations (UN) Member States, established the 2030 Agenda, encompassing 17 Sustainable Development Goals (SDGs), each accompanied by a detailed set of targets.
The G20's final declaration, released on Monday (Nov. 18) at the end of the summit's first day, notes that since 2015, only 17 percent of the SDG targets have seen meaningful progress and outlines a series of challenges.
The text addresses five key topics: the international political and economic situation, social inclusion and the fight against hunger and poverty, sustainable development and climate action, the reform of global governance institutions, and inclusion and effectiveness within the G20.
There were concerns about Argentina's commitment to the final text, with the government led by Javier Milei expressing some disagreements. Despite this, the country signed the declaration, while also issuing a statement of reservations and "partially disassociating itself from the entire content of the 2030 Agenda."
In addition to reaffirming the guidelines of the Paris Agreement, the section of the declaration on sustainable development and climate action emphasizes a commitment to multilateralism and underscores the urgent need for effective initiatives to address the crises and challenges posed by climate change, biodiversity loss, desertification, ocean and soil degradation, droughts, and pollution.
The declaration highlighted the goal of tripling global renewable energy capacity and doubling the average annual rate of improvement in energy efficiency. It also included a commitment to conclude negotiations on an international instrument to combat plastic pollution by the end of the year.
Financing
The declaration also emphasizes the need for enhanced international collaboration and support to increase public and private climate finance and investment. It highlights the importance of optimizing the operations of green funds and advocates for innovative mechanisms, such as the proposed Tropical Forests Forever Fund (TFFF). Additionally, it expresses support for the 2024 United Nations Climate Change Conference (COP29) in Baku, Azerbaijan, aiming to advance negotiations on environmental financing.
The text states, "Developing countries must be supported in their transition to low-carbon emissions, and we will work to facilitate low-cost financing for these nations. We recognize the crucial role of domestic energy planning, capacity building, policy strategies, and legal frameworks, as well as cooperation across different levels of government, in creating enabling environments that attract investment for energy transitions."
This marked the first time Brazil has chaired the G20 since 2008, when the group's current format was established, comprising the world's 19 largest economies, the European Union, and, more recently, the African Union. The Leaders' Summit represents the culmination of Brazil's presidency, with South Africa set to succeed Brazil as the next chair of the group.
