G20 climate ministers are meeting in Indonesia at a time that some say is more important than ever, while others see it as more of a reality check. Both developed and developing countries have increased their use of fossil fuels over the past year, given an energy crisis that has only been exacerbated by the war in Ukraine. Environmental officials hope to reverse this trend, with the G20 representing nearly 80% of global economic output and greenhouse gas emissions, as well as two-thirds of the world’s population. Worsening drought seen as next big threat of economic disruption
Quotation: “It is our responsibility to be part of the solution. We are building bridges, not walls,” Indonesian Siti Nurbaya said ahead of the rally, warning that failure to work together would push the planet into “uncharted territory “, or up to a point. “where no future will be sustainable.”
The U.S. team is represented by John Kerry, who serves in the newly created post of President’s Special Envoy for Climate. He will push for “enhanced cooperation on the climate crisis and highlight the positive climate impact of the Cut Inflation Act”. Which companies are most exposed to the Inflation Reduction Act?
Go further: Media will not have access to any of the closed-door meetings in Bali, but expect a joint statement later Wednesday. Ministers will discuss ways to prevent a 1.5 degree Celsius rise in global temperatures in line with the Paris Agreement, with particular emphasis on sustainable recovery, resource mobilization, land and ocean climate action . They will all seek ways for developed countries to maintain their own climate commitments, as well as climate finance for developing countries.
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