Why countries need to accelerate pace of climate actions – G-24

On Tuesday, the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24) warned that the pace of climate action needs to accelerate, with expedited financial commitments to achieve the envisaged results.

The group made its position known in its communique issued after its meetings of ministers held in Washington, D.C, on the sidelines of the World Bank meetings. The meeting was chaired by Pablo Quirno, Secretary of Finance, Argentina; Olawale Edun, Minister of Finance, Nigeria, was First Vice-Chair; and Muhammad Aurangzeb, Minister of Finance, Pakistan, was Second Vice‑Chair.

The meeting was also attended by the Director of the G-24 Secretariat, Iyabo Masha, and other special guests such as Kristalina Georgieva, Managing Director International Monetary Fund; Anna Bjerde, Managing Director of Operations, World Bank Group; and Patrick Achi, Former Prime Minister of Côte d’Ivoire, and External Advisor to the Bretton Woods at 80 Initiative.

The G24, a group of developing nations that coordinate their positions on international monetary affairs and development, particularly within the International Monetary Fund (IMF) and World Bank, primarily represents the interests of emerging economies in global financial and economic discussions.

Although there have been financial commitments for climate actions at different climate-themed conferences over the years, the commitments have barely been met with commensurate actions. This often leads to insufficient progress in reducing emissions and achieving the goals of the Paris Agreement, such as limiting global warming to 1.5°C.

Experts warn that failure to translate commitments into action poses significant risks, including increasing the likelihood of more frequent and severe natural disasters and economic losses

In its communique, the G-24 noted that countries need to take concerted, equitable climate action based on national circumstances and priorities to boost progress, considering common but differentiated responsibilities and respective capabilities.

“This approach would necessitate different focuses on adaptation, mitigation, loss and damage, as well as biodiversity and protection of carbon sinks.

“We welcome the WBG’s expanded focus on all energy sources, as it enhances developing countries’ ability to meet critical development objectives,” it said.

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It called for sustained support through adequate financial resources, technology transfer, technical assistance, and capacity building, which are essential to enable just and inclusive transition pathways.

“We call for increased grant and concessional financing tailored towards the adaptation needs of developing countries and urge developed countries to fulfil existing pledges on climate finance and transition support.

“Promoting innovative financial instruments, such as green and climate-related bonds, blended finance mechanisms and risk-sharing tools, including guarantees, could attract more private investors to mitigation and loss and damage.

READ ALSO:Nigeria, other G-24 countries express concerns over tightening of aid budget amid humanitarian crises

“We expect the 30th Conference of Parties (CoP 30) to be an important opportunity for strengthening multilateral cooperation and achieving consensus on global goals and funding strategies,” the group said.

To foster economic growth and sustainable development while addressing global challenges effectively, the group added that it is crucial to focus on domestic resource mobilisation and enhance multilateral cooperation on tax reforms and trade policies.

The group’s meeting of Ministers was preceded by the one hundred and twenty-fifth meeting of the Deputies of the Group of Twenty-Four, with Candelaria Alvarez Moroni, Undersecretary for International Coordination and Management of the Secretariat of International Economic and Financial Affairs of the Ministry of Economy, Argentina, as chairperson.