International diplomats from the world’s 20 biggest economies faced fierce contests on Saturday in their effort to wrap up a joint declaration on eve of their leaders’ summit in Rio de Janeiro. For some weeks now, their consultation has been riveted on three key matters: climate change funding; taxing the super-rich; and whether to make a call to end the war with Ukraine. The talks come as the COP29 climate summit enters its second week in Baku, with hopes that the G20 could provide political momentum for an agreement on climate finance.
Diplomats Involved in G20 Talks Say Stalemate on Climate Finance Has Reached Familiar Impasse
Progress on climate finance has reached a familiar impasse, according to diplomats involved in G20 talks. While wealthier developing countries are being called upon by developed nations to contribute to reducing the effects of global warming, the latter insist that the prime responsibility falls on the richest countries in the world. In view of likely presidential candidate Donald Trump’s anticipated return to office, negotiations are expected to be further complicated. Trump has suggested a desire to withdraw the U.S. from the Paris climate deal a second time, which would set back international climate action.
Yet, said U.N. officials, a decisive G20 declaration would breathe energy into COP29 talks over sharing financial burdens to combat climate change. The leaders of the G20 countries remain divided over Russia’s Ukraine war and the wider topics of geopolitics in the world.
The war over Ukraine is entering into its second year, and this will threaten to be a contentious debate for the G20. It has become a contentious debate since 2022 because efforts to find common ground on how to relate to invasion by Russia have proved complicated. The warfare in Gaza has recently increased their tensions among the members, especially since there are different geopolitical interests.
Diplomats for the G20 are expected to soothe these tensions by wording a general paragraph in their final statement that’s based on the principles of the U.N. regarding respect of peace. These will be followed specifically by mentions of the situation in Ukraine and the ongoing conflict in Palestine–which diplomats hope will avoid exacerbating divisions within the group.
Taxing the Super-Rich: A Key Sticking Point
Another matter of contention is the proposal floated by Brazilian President Luiz Inacio Lula da Silva, host of this year’s G20 summit, on taxing the super-rich. The idea had not gained ground, however, as Argentina, which initially seems to have surrendered, has since refused to support the proposition, with right-wing libertarian President Javier Milei reported to have been pushing for it to be struck from the final communique. Milei, who recently met Trump at his Mar-a-Lago resort, is said to be advocating for Argentina to take a stance against any mention of taxes targeting the rich.
With this expectation, negotiators believe that the final statement will contain a note that stated the proposal on taxing the rich was not agreed to by Argentina, in order for the country to circumvent having to reject the plan.
Diplomats Scramble to Strike a Deal
With less than 48 hours to the opening of the summit, G20 sherpas are under immense pressure to bridge the divides. While many diplomats still harbor hopes of a breakthrough, others have readied themselves for a diluted final communique replete with vague commitments over climate finance and taxation and explicit language on Ukraine and Gaza.
One can only be directed to G20 leaders as they try and reach common ground on some of the world’s most pressing issues. The outcome of the summit is still uncertain, though.
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