What was on the agenda?

Hosted in Baku, Azerbaijan, this COP built on the discussions from COP28 in the UAE, where the creation of a loss and damage fund was agreed upon. This fund aims to assist developing nations in covering the financial costs caused by climate-related damages.

COP29 also delved deeper into the Adaptation Fund, which supports low- and middle-income nations in building resilient infrastructure to face climate challenges.

One of the key issues this year was the NCQG (New Collective Quantified Goal), which will define the new financial commitments wealthy countries must make annually to assist poorer nations in tackling climate change.

At COP28, it was agreed that nations should phase out fossil fuels, though in this year’s COP, it became more apparent that some countries are still hesitant to do this due to concerns over the potential economic fallout.

Why Does This Matter?

Climate change is no longer a distant concern; its effects are already impacting communities and ecosystems globally. The most vulnerable groups – particularly women, low-income communities, and those with limited resources – bear the brunt of these consequences, such as displacement, extreme weather, and food insecurity. For younger generations, climate change has a dual impact, both in terms of physical risks and the rising mental health challenges, including climate anxiety.

Looking Ahead: Is COP Fit for Purpose?

Despite some progress in addressing climate change, experts warn that the current COP framework is not fast enough to meet the urgency of the crisis and unfortunately, this year’s COP fell short of  expectations. 

Besides fossil fuels being left out of the summit agreement, Civicus reported a $1.3 trillion shortfall between actual climate needs for Global South countries and the commitments provided. Critics have pointed out the agreement did not account for inflation or specify in which ways the targets would be provided directly from the states, through grants or even loans. Additionally, this year’s deal was silent on the Just Transition Work Programme (JTWP). A decision that to some signaled a deprioritization of the needs of those most impacted by climate change and its effects.

Perhaps most disappointingly, this year’s COP exposed tensions in the multilateral system as negotiations turned contentious with parties accusing each other of not acting in good faith. Discussions around which countries should be donors also emerged, an argument that centered on historical responsibility versus the role of emerging economies.

Young Voices at the G20

For the first time ever, Brazil included a “G20 Social Summit,” which brought together civil society actors whose recommendations were channeled into the G20. This included a letter presented by three young Brazilians, representing insights from over 50,000 children and adolescents who participated in global consultations led by Save the Children and Plan International Brazil.

This was a big moment in G20 history, as the summit’s structure generally excluded individuals not seen as high level leaders or technical experts.

What was on the agenda?

Under Brazil’s presidency, their efforts focused on “Building a just world and a sustainable planet,” highlighting a need to advance global agreements that center both economic and social development. Detailed in the G20 Rio de Janeiro Leaders’ Declaration, discussions tackled three priority areas: social inclusion and the fight against hunger and poverty;  sustainable development, energy transitions and climate action; and the reform of global governance institutions.

Social Inclusion and the Fight against Hunger and Poverty

This priority area rose from the setbacks triggered by the COVID-19 pandemic, with leaders calling for a greater commitment at all levels to policies that encourage job creation, growth, and inclusion. A key development was the launch of the Global Alliance against Hunger and Poverty to stimulate increased funding and knowledge sharing related to “country-led, country-owned, large-scale and evidence-based programs aiming at reducing hunger and poverty worldwide.” The declaration also notably endorsed progressive tax measures, including effective taxes for ultra-high-net-worth individuals.

Energy Transitions and Climate Action

Climate-focused discussions reaffirmed the G20’s commitment to the Paris Agreement, and in particular efforts to limit the temperature increase to 1.5 degrees Celsius. The declaration also pointed to the importance of promoting just energy transitions, green finance flows, and an international financial architecture that supports climate goals, while also noting the need to provide extra  support to developing countries working towards these goals. 

Reform of Global Governance Institutions

Discussions around governance reform centered on redesigning the multilateral system to be “more representative, effective, transparent and accountable.” Proposals for the United Nations focused on reinvigorating the Security Council, ECOSOC, and the Peacebuilding Commission. Statements also emphasized the need for international financial and multilateral trading systems that are modern, transparent, and inclusive. This section also addressed the rapid development of AI, calling for members to tackle the digital divide and ethical challenges posed by AI.

Why Does This Matter?

Decisions made by the G20 can have widespread effects on global economic policies. As a whole, the G20 represents approximately 60% of the global population and 80% of global GDP.

Although the Summit focuses on economic matters, the discussions are wide reaching, exemplified by the declaration’s “deep concern about the catastrophic humanitarian situation in the Gaza Strip and the escalation in Lebanon,” and statement on “the human suffering and negative added impacts of the war” in Ukraine.

While the declaration was seen by some as too broad, it did reaffirm the interconnected nature of global challenges, as well as the need for effective and inclusive global cooperation as we work towards solutions.