Sao Paulo, Nov 20: Brazilian President Luiz Inacio Lula da Silva has called on G20 nations to expedite their climate neutrality goals, suggesting that targets should be met by 2040 or 2045, instead of the widely accepted 2050 deadline. Speaking at the G20 summit in Rio de Janeiro, Lula stressed the urgency of the climate crisis, highlighting 2024 as the warmest year on record and urging immediate, ambitious action to combat escalating climate disasters.

G20 leaders, responsible for 85% of the global economy and most greenhouse emissions, emphasized the need to enhance climate financing from billions to trillions, with a focus on aiding developing nations. President Joe Biden underscored the necessity for accessible funding and capital to help these nations tackle climate impacts while addressing their mounting debts.

The leaders’ discussions align with the ongoing COP29 summit in Baku, Azerbaijan, where negotiators aim to establish a new financial goal to support poorer nations. Lula criticized wealthy countries for failing to deliver the promised $100 billion annual climate financing by 2020, advocating for a revised target of at least $1 trillion. However, disagreements persist, with developed nations urging broader contributions while developing countries demand accountability from those historically responsible for emissions.

The G20 also pledged to finalize a legally binding treaty to curb plastic pollution by the end of 2024. Despite these commitments, environmental advocates have criticized the summit’s outcomes as vague, warning that a lack of clear guidance could undermine trust in global climate negotiations.