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G20 struggles with climate finance, taxation, Ukraine issues
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Developed nations want wealthier developing countries to fund climate change
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Argentina opposes taxing super-rich after Milei’s visit to Trump
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Reaching a global accord may get tougher with Trump’s return to power
By Lisandra Paraguassu
BRASILIA, – Diplomats from the Group of 20 major economies struggled on Saturday to overcome differences on paying to tackle climate change, taxing the super rich and addressing the Ukraine war as they negotiated a joint statement before their leaders’ summit.
The G20 summit in Rio de Janeiro on Monday and Tuesday comes as the United Nations COP29 climate talks enter their second week, with negotiators debating a new goal for how much money richer nations will cough up to confront climate change. U.N. officials and other delegates in Baku expressed hopes that a strong message from the G20 leaders could help provide political momentum for a COP29 deal on climate finance.
However, four diplomats involved in the talks in Rio said they were at a familiar impasse: developed nations want some of the wealthier developing countries to contribute financing to tackle global warming, but the developing world says it is up to the world’s wealthiest nations to foot the bill. Reaching a global accord may only get tougher with the return to power of U.S. president-elect Donald Trump, who is preparing to again pull the United States out of the Paris climate accord.
Addressing the Russian invasion of Ukraine has also been a prickly issue for the G20 since 2022, and the war in Gaza has added to the group’s geopolitical divisions.
G20 sherpas leading the talks in Rio have tried to avoid discussing the wars in advance meetings all year. Now diplomats say they plan to limit any text to a general paragraph based on U.N. principles and the need to respect peace, followed by a paragraph on Ukraine and another on Palestine.
The taxation of large fortunes, a proposal dear to President Luiz Inacio Lula da Silva, host of the G20 summit, has also hit a stumbling block.
In a last minute change of mind, Argentina refused to sign off on the inclusion of the proposal in the final communique.
Argentina’s strong opposition to taxing the super-rich came after its right-wing libertarian President Javier Milei visited Trump at his Mar-a-Lago resort in Florida, making him the first foreign leader to visit the U.S. president-elect.
Sources involved in G20 talks said Argentine negotiators, at Milei’s request, now seek to remove mention of taxing the most wealthy, which might only enter the communique with a note reflecting that it was not backed by Argentina.
This article was generated from an automated news agency feed without modifications to text.
