On 3 October 2024, ahead of COP 16, the G20 Environment and Climate Sustainability Working Group (ECSWG) published a Ministerial Declaration reaffirming the G20’s commitment to scale up urgent action to address the multiple crises posed by climate change, biodiversity loss, desertification, ocean and land degradation, drought and pollution. The Ministerial Declaration also acknowledges that the G20 represents approximately 80% of global greenhouse gas emissions, material and energy use and 75% of waste generation with varying contributions depending on the circumstances of the countries.
In this briefing, we reflect on the priorities of the G20 going forward and into the South African Presidency which begins on 1 December 2024.
Oceans: in particular there is a call for all countries for the early entry into force of the Agreement under the UN Convention on the Law of the Sea on the Conservation and Sustainable Use of Biological Diversity of Areas beyond National Jurisdiction (BBNJ Agreement). The G20 recognises the need for international cooperation, capacity-building, technical assistance and financial support, particularly to developing countries.
Payment for Ecosystem Services (PES): PES is highlighted as a particular innovative economic tool which can support ‘efforts to conserve, restore and sustainably use natural resources’. The G20 also acknowledged the important contributions of ecosystem services to achieve sustainable development and poverty eradication. The ministers have also reaffirmed the commitment for swift and effective implementation of the Kunming-Montreal Global Biodiversity Framework. They highlighted the plans to establish the Tropical Forest Forever Facility (TFFF) which Brazil presented to the ECSWG as an innovative tool for forest conservation.
Financing adaptation in the context of climate change: the G20 is committed to mobilising and scaling adaptation finance recognising the asymmetries within and among countries in adapting to the effects of climate change and promoting climate resilience. The G20 recognises public finance as a key enabler but also recognises the need to increase the role of private finance for adaptation.
Waste & Circular Economy: the G20 reaffirms its joint commitment to significantly reduce the generation of waste and prioritise the prevention and, where not possible, the reduction of waste to support a circular economy. The ministers have recognised to need to support developing countries with new and additional resources to improve waste management and also to enhance collaboration to end plastic pollution.
Next steps
We await further announcements at COP 16 and COP 29 which may further address issues around biodiversity loss and climate change.
Our global Sustainable Finance & Investment group brings together a multidisciplinary global team that provides clients with best-in-market support. We are following the development of global policy on climate and biodiversity very closely so please get in touch if you would like to discuss.
This note is intended to be a general guide and covers questions of law and practice. It does not constitute legal advice.
Authored by Emily Julier and Jessica Dhodakia.
Hogan Lovells (Luxembourg) LLP is registered with the Luxembourg bar.
