UN chief António Guterres urged the G20 to "lead" on climate issues, as Climate Home revealed that the group of major economies softened a report from top economists on how the financial system should be transformed to support climate action. Guterres made his remarks via video during the launch of the UN's Emissions Gap Report, which indicated that the G20 as a whole is on track to miss its 2030 emissions reduction targets.
Moreover, Climate Action Tracker has found that no G20 country's policies align with the Paris Agreement's targets of limiting global warming to 1.5 degrees Celsius or "well below" 2 degrees Celsius. "The largest economies – the G20 members, responsible for around 80% of all emissions – must lead," Guterres emphasized on Thursday.
His comments came as officials from G20 climate, finance ministries, and central banks gathered in Washington, D.C., for a meeting of the G20 Taskforce on a Global Mobilization against Climate Change (TF-CLIMA), an initiative by Brazil's G20 presidency aimed at fostering collaboration between climate and finance officials.
One of the taskforce's responsibilities was to respond to a report commissioned from a group of 12 independent experts, led by economists Vera Songwe and Mariana Mazzucato, on how G20 nations can realign their financial systems to address climate change effectively.
André Aranha Corrêa do Lago, Brazil's Secretary for Climate, Energy, and Environment, informed journalists on Wednesday that the experts were asked to create a "strong report," aiming to exceed what the G20 could agree upon in a joint declaration. He noted the importance of leaving behind a document that signifies a belief in the necessity for more ambitious action.
Published on Thursday, the report identifies five "myths" hindering climate action, including misconceptions about its impact on economic growth and the belief that governments lack the resources to tackle climate change, leaving it to market forces. The report advocates for G20 governments to adopt green industrial strategies, reform the global financial system, and increase funding for climate initiatives.
However, feedback from G20 governments led to a dilution of various points in the final report. Compared to a draft from September 4, the final version was softened, including changes such as replacing "G20 inaction" with "G20 inertia" and omitting strong statements about the escalating destruction of the planet.
Additionally, the report's support for a proposed 2% tax on global billionaires' wealth was reduced, with language shifted from describing the proposal as "relatively straightforward" to raising "questions over the feasibility of implementation."
The final report's comments on central banks' roles were also moderated to include the caveat "within their mandates" in response to criticisms from the US, EU, France, and some developing nations.
Despite these changes, the G20 ministers merely stated they would "take note" of the report rather than endorsing or committing to its implementation. Rebecca Thissen, a global lead on multilateral processes at Climate Action Network International, labeled this as "not just a missed opportunity – it's a deliberate oversight," suggesting that the G20 is ignoring viable solutions for change.
On the same day, the UN Emissions Gap Report cautioned that the 1.5°C warming limit could be breached in just a few years unless all countries collectively commit to reducing annual greenhouse gas emissions by 42% by 2030 and 57% by 2035 in their upcoming national climate plans due next year, backed by prompt action.
The report revealed that global greenhouse gas emissions hit a record high of 57.1 gigatonnes of CO2 equivalent in 2023, marking a 1.3% increase from 2022, driven by growth across multiple sectors, including power, transport, and agriculture. Guterres asserted that emissions must decrease by 9% annually until 2030 to meet the 1.5°C threshold and mitigate the worst effects of climate change.
The UN report emphasized that all G20 governments need to enhance their efforts and undertake "heavy lifting" to significantly reduce the group's collective emissions, which account for 77% of the global total. However, it also highlighted the need for stronger international support and increased climate finance to ensure that climate and development goals are achieved equitably across G20 member countries and globally.
The G20 encompasses several developing nations—such as India, Indonesia, and Brazil—that, despite being significant and increasing emitters, have relatively low per capita emissions and have historically contributed less to global warming than wealthier, industrialized countries.
In response to an inquiry from Climate Home, Inger Andersen, Executive Director of the UN Environment Programme, indicated that the Emissions Gap Report acknowledges that some nations have a greater capacity to act first but asserted that emissions reductions are necessary from all G20 countries.
"Every G20 country, regardless of its historical contributions, has the chance to seize this investment opportunity and transform its emissions profile," she stated. Guterres has urged wealthier nations to stretch their commitments further to create space for those that may find it more challenging to achieve net-zero emissions by 2050.
Anne Olhoff, chief scientific editor of the report, remarked that all G20 nations, except Mexico, have pledged to reach net-zero emissions later this century. She urged those countries that have yet to peak their emissions—such as China, India, Indonesia, Mexico, Saudi Arabia, South Korea, and Türkiye—to do so as soon as possible and begin making substantial cuts to meet their net-zero targets.
The G20 ministerial statement from yesterday encouraged member countries to "bring forward" their net-zero pledges. Corrêa do Lago, Brazil's ambassador, noted that this was the first instance of such a call being made by the G20.