The G24 group has called on wealthier nations to enhance their financial commitments to help developing and emerging economies address climate change and development issues, warning that failure to do so could reverse progress. The group emphasized the need to exceed past commitments of $100 billion per year headed into COP29, citing the importance of a Loss and Damage Fund for impacted countries.
The G24 group of developing and emerging market nations urged wealthy countries to increase their financial contributions to assist in addressing climate change and development challenges. This declaration was made during a recent meeting held at the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington. The G24 articulated concerns that the global community is not adequately meeting its climate and development goals, particularly in terms of financial support for developing nations needed to progress towards these objectives. In their statement, representatives from nations such as Argentina, Ghana, Nigeria, and the Philippines emphasized the necessity for substantial increases in climate finance, which they stated must surpass the previously proposed $100 billion annually ahead of the upcoming COP29 meeting, as the current pledge will expire next year. This financial support is primarily meant for countries that historically have contributed to global warming, including the United States, the European Union, and Japan. Moreover, the G24 highlighted the importance of advancing the setup and funding of the Loss and Damage Fund, which is aimed at compensating developing countries for climate-related damages caused largely by wealthier nations. With the conversation around climate finance intensifying ahead of COP29 in Baku, there remains uncertainty regarding the exact figures that will be adopted, notably under the new collective quantified goal (NCQG). Philippines Secretary of Finance and G24 chair, Ralph Recto, emphasized, “Without improvements and bold actions, decades of individual and global efforts to eradicate poverty and inequality, combat climate change and invest in projects will be put to a halt, if not reversed,” highlighting the urgent need for commitment from affluent nations to support sustainability and equitable development efforts.
The G24 is comprised of a coalition of developing and emerging economies that advocate for inclusive financial practices and support systems to aid in addressing global challenges, especially those pertaining to climate change. The ongoing discourse regarding financial commitments from developed nations to developing countries has been pivotal, particularly as the deadline for existing climate-related pledges approaches. The forthcoming COP29 conference is expected to generate significant international dialogue aimed at reassessing and enhancing commitments to climate finance, ensuring that vulnerable nations are equipped to tackle environmental and development challenges effectively.
In summary, the G24’s call for increased financial support from wealthier nations is crucial for sustaining global efforts against climate change and development inequities. With critical discussions scheduled for COP29, the need for a renewed focus on substantial climate finance commitments appears paramount to ensure meaningful progress and uphold previous advancements made towards sustainability and poverty alleviation.
Original Source: www.barrons.com
