Ben Geman
The G20 summit in Indonesia produced a joint pledge today to maintain the ambitious but long-shot Paris Agreement goal of holding temperature rise to 1.5°C above preindustrial levels.
Driving the news: The communique also calls for progress at COP27 on “loss and damage” — compensating poor, vulnerable nations for climate harms.
Why it matters: It may influence diplomats heading into the final days of COP27.
Catch up fast: The G20 meeting emerged as a parallel climate summit, producing high-level steps but few details.
- President Biden and Chinese President Xi Jinping broadly agreed to have the nations resume talks on climate.
- It also brought a multinational finance plan to help Indonesia move off coal.
The intrigue: The communique reiterates last year’s COP26 push to phase down coal-fired power. But it doesn’t endorse a wider move away from all fossil fuels, despite India’s push at COP27.
- It also nods toward reforming multilateral developing banks, which has wide support among leaders in Egypt.
Reality check: While the1.5°C target is a benchmark for limiting climate harms, the steep global emissions cuts needed to keep it from slipping away are nowhere in evidence.
Courtesy: (Axios)
