G20 Boosts COP29 With Financial Pledges Yet Leaves Fossil Fuel Goals Unaddressed At COP29, world leaders balance climate finance commitments with fossil fuel backsliding concerns as urgent negotiations continueAt the COP29 climate talks kicking off this week in Baku, Azerbaijan, the global dilemma of climate finance takes center stage, especially following the recent G20 summit where leaders acknowledged the pressing need for financial support to mitigate climate change effects. Adding to the frustration, the absence of explicit references to fossil fuel phaseout from G20 discussions led many to question the commitment to meaningful climate action. Many campaigners noted the outcome as disappointing, especially since the document refrained from forceful calls for reductions to fossil fuel dependencies. Some experts noted the G20's agreement to explore taxation for the ultra-wealthy could potentially generate necessary funds for climate action. Observers took note of Saudi Arabia's strong opposition to pledges affirming fossil fuel phaseout, branded as "a wrecking ball" disrupting the negotiations process.
