- Brazil, the current G20 Presidency, today endorsed the UAE Declaration of Leaders on a Global Climate Finance Framework launched at COP28, building significant momentum towards developing a new international architecture for climate finance.
- The Framework, launched by world leaders at last year’s COP28 in Dubai, sets out a 10-point plan to help make climate finance more available, accessible, and affordable.
- The announcement by Brazil, who will host COP30 in 2025, represents significant alignment between the G20 and COP agendas on sustainable finance, with Brazil being the sixth G20 country to endorse the Framework.
- The endorsement “will advance the climate finance agenda” and “help align the agenda of the G20 and COP Presidencies,” said Majid Al Suwaidi, COP28 Director General.
- To date, 15 countries have joined as signatories to the Framework, representing diverse constituencies and a significant share of global GDP.
- The announcement was made at a sustainable finance event, co-hosted by G20 Presidency Brazil, the UAE COP28 Presidency and the Ministries of Finance of both countries.
- The event brought together key stakeholders, including representatives from Multilateral Development Banks (MDBs), the private sector, and foundations, to assess the linkages between the COP28 Global Climate Finance Framework and the G20 Brazil 2024 agenda on sustainable finance.
- It also aims reinforce the relevance of the G20 deliverables this year to push for change and to strengthen the finance outcomes connecting COP and the G20 processes.
- The Brazilian G20 Presidency has set an ambitious agenda on sustainable finance, well-placed in the G20 Sustainable Finance Working Group (SFWG), but also at the Task Force for Mobilization Against Climate Change, that is aligned to the principles of the COP28 Global Climate Finance Framework.
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