G20 Brazil: A Pivotal Moment for Climate Finance Leadership

As COP29 stumbles forward, with continued accusations of fossil fuel industry intervention and lack of leadership, the G20 summit offers a pivotal opportunity to advance global climate finance. Brazil has a chance to lead the way in securing the resources necessary for climate resilience, especially in developing countries.

Brazil: Leading Climate Action in the Americas

With Donald Trump’s re-election in the U.S., Brazil could step up and position itself as a leader on climate action across the Americas. Under Trump, the U.S. abandoned the Paris Agreement, leaving a void in international climate leadership. Brazil, under President Lula da Silva, can step into that gap, using its position as current G20 host and future COP30 host to advocate for stronger climate finance commitments. 

Brazil is already facing devastating climate impacts, from catastrophic floods to severe droughts. Lula’s renewed focus on ending deforestation in the Amazon is crucial not only for Brazil but for global climate health. Brazil can now champion a more equitable climate finance system, ensuring that vulnerable countries in Latin America and beyond get the support they need to adapt to climate change.

Climate Leadership from Europe

The EU, too, must step up and strengthen its leadership in the absence of a climate-friendly government in the US. Reducing reliance on U.S. fossil fuels, especially natural gas, is the obvious starting point, as well as doubling down on renewable energy investments. This isn’t just good for the planet: the EU’s ongoing energy crisis, sparked by the war in Ukraine, has exposed the dangers of energy dependence.

Rather than continue to fall back into the gas trap the new Trump administration is setting, Europe must seize the moment to accelerate its clean energy transition.This would be less costly than relying on fossil fuels, allowing Europe, with its financial resources, to play a central role in meeting the need for climate finance, supporting adaptation and resilience efforts across the Global South.

A Financed Climate Future

At least a trillion dollars a year is essential for developing nations to tackle the climate crisis, as just announced at COP29. A tax on the ultra-wealthy–which is already in discussion at the national level in Brazil–could go a long way towards meeting climate finance targets. In particular, Big Oil, who reap billions and billions in profits while continuing to burn the planet, should be a focus of this tax. The G20 Presidency should insist on incorporating it into the final declaration—if not to reach a consensus, to raise the debate. It’s past time for the world’s leaders to ensure that climate finance is prioritized and that the most vulnerable nations receive the resources they need to survive and thrive in a changing climate.