Rio de Janeiro, Brazil. The G20 Leaders’ Summit released its final communique on Monday night (18/11). Although the declaration reaffirms the need for trillions of dollars in climate finance and ‘hopes for a successful new climate finance goal at COP29 in Azerbaijan by the end of this week, it fails to specifically call for the public, grant-based finance that is an integral demand of developing countries in ongoing negotiations. While G20 governments mentioned the importance of the Paris Agreement to limit global heating, and the commitment made at COP28 to phase out fossil fuels and triple renewable energy capacity by 2030, it also failed to specifically mention the urgent need to phase out fossil fuels in their communique.
In addition, heads of state collectively agreed broad support to tax ‘ultra high net worth individuals’, reflecting a decision made by G20 Finance Ministers in July. The declaration signed by G20 governments acknowledges the need to reform international finance rules and emphasizes the responsibility of the wealthiest countries to provide financial support for developing countries to transition to renewable energy, but questions over the structure of this climate finance remain.
This announcement from the G20 adds to the growing support for taxing the ultra-wealthy as a means of delivering social and economic justice, which are goals directly in line with climate justice. Taxing the super-rich is a fair means of financing the global, just transition away from fossil fuels to safe renewable energy, and providing quality finance for the loss and damage caused by climate impacts.
People around the world are demanding that governments commit to at least $1 trillion a year for quality climate finance at COP29 – with activists taking to the streets in over 26 countriesover the weekend. In coordinated marches thousands of people expressed their demand for climate justice, creative, collective and guerilla actions in cities like Rio de Janeiro, Paris and Munich put Billionaires in the spotlight, demanding that governments Tax Their Billions to unlock huge sums to tackle the climate crisis.
Ilan Zugman, Latin America Managing Director at 350.org:
“Brazil has shown leadership during its G20 presidency and this signal could pave the way for unlocking a transformative finance deal at COP29, one that should mobilize at least a trillion dollars per year for climate action. This will be a drop in the ocean compared to what governments are already paying and people are already suffering around the world due to climate catastrophes. However, this funding must come in the form of grants and public money, not private finance. Private finance in its very nature is about making profits, before meeting genuine human needs.
While Brazil’s G20 presidency has shown promise—particularly with the discussion of taxing the ultra-wealthy— true climate leadership demands more. For Brazil to become a true climate leader, president Lula must commit to no further oil or gas projects in the Amazon and ensure investments are made in renewable energy initiatives that are led by local communities. His gas importation deal made with Argentina at the leader’s summit does not match the climate ambition we need or expect from the COP30 presidency.”
Khaliel Moses, Senior Campaigner at 350.org:
“We urge South Africa to advocate for increased climate finance in order to meet the trillions of dollars needed for equitable climate action, and carry forward Brazil’s proposal to tax the super-rich. This money, often spent on yachts and far-right lobby groups, could instead be used to directly support impactful community-driven renewable energy initiatives like REPower Afrika. This campaign exemplifies how localized solutions can address energy access gaps while promoting sustainable development and climate resilience.
South Africa has the opportunity to set a bold example of leadership, leveraging its G20 presidency to secure policies and resources that uplift economically marginalized communities, address intersecting crises, and demonstrate the power of African innovation in advancing global energy transitions and equitable climate solutions.”
Kate Blagojevic, Associate Director for Europe Campaigns and Organising at 350.org said:
“In a positive move given the challenging political landscape, the G20 leaders gained consensus for one of the most logical solutions to one of the world’s most pressing issues – taxing billionaires to pay for climate action. Now these governments must build on the growing popular support for taxing extreme wealth by putting words into action. To unlock this cash from the deep pockets of billionaires, governments need to work with the next G20 South African Presidency to set clear rules and close loopholes for taxing the super-rich, and start delivering strong wealth taxes on billionaires. We will be back louder and stronger and more united than ever to hold both leaders and billionaires to account.”