As world leaders gather for COP29 in Baku, a new study by the Council on Energy, Environment and Water (CEEW) highlights significant gaps in climate action among G20 nations. The study, titled “Are G20 Countries Delivering on Climate Goals?”, introduces the Climate Accountability Matrix, a unique tool assessing the climate performance of major economies.
This tool evaluates countries based on their actions beyond just mitigation efforts, providing a comprehensive overview of their climate strategies.
Mixed Progress Across G20 Countries
The study shows that while some G20 members, including the United Kingdom, France, Japan, and Germany, have made notable progress, others like the United States, Australia, Canada, Saudi Arabia, and Turkey are lagging behind. The report stresses that these nations must ramp up their climate initiatives to meet global climate goals.
Dr. Arunabha Ghosh, CEO of CEEW, underscored the importance of COP29 in holding countries accountable. He emphasized that COP29 should focus on accelerating progress toward net-zero emissions, increasing climate finance, and prioritizing the protection of vulnerable nations. According to Ghosh, the summit should ensure that both the scale and quality of climate finance are significantly raised.
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Key Themes of the Climate Accountability Matrix
The Climate Accountability Matrix evaluates countries on five key themes: international cooperation, national measures, sectoral robustness, enablers, and climate adaptation efforts. Among developing nations, India and South Africa are recognized for their active participation in climate agreements and their reasonable domestic climate efforts.
However, the study also highlights the urgent need for these nations to intensify their climate actions to prevent global temperatures from rising by 2.6 to 3.1°C by the end of the century.
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The Need for Increased Climate Finance
A major concern raised in the study is climate finance, especially for developing countries. To meet the Paris Agreement goals, developing nations will require investments totaling $2.4 trillion annually by 2030. India has proposed that the New Collective Quantified Goal (NCQG) should reach at least $1 trillion annually, with a focus on grants and concessional finance.
Addressing Loss and Damage
The report also emphasizes the need for better data on loss and damage from climate events. Currently, 65% of reported climate events lack detailed economic damage data, particularly in Least Developed Countries and Small Island Developing States. This data gap makes it difficult to assess the true cost of climate change and allocate resources for effective recovery.
COP29’s Focus on Accountability and Vulnerable Nations
As COP29 progresses, the focus remains on bridging the accountability gaps in climate action, improving climate finance, and ensuring that vulnerable countries receive the necessary support. The conference also aims to address crucial questions about the Loss and Damage Fund, ensuring that the international community takes concrete steps to address not just mitigation but also adaptation and recovery efforts.
With the conference in full swing, the world is watching to see if COP29 can drive the necessary changes in climate finance and commitment to protect those most affected by climate change.
