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When Brazil takes over the presidency of the G20 in 2024, it will be the first country to do so from the developing world.
But a new report from the Chatham House think tank warns that Brazil won't be doing enough to make up for the lack of funds currently available to fight climate change.
"What needs to happen is clear: the Brazilian government, in its leadership of the G20, can build on existing work and lead by example on country platforms, and mobilizing the private sector," says the report, which notes that the amount of climate finance available to developing countries is only 1% of global GDP and "poses significant challenges to global efforts for decarbonization."
The report, which is based on a March 1 roundtable held by the Brazilian Center for International Relations, the Climate Policy Initiative, and the Institute for Climate and Society, also calls for sweeping reforms to the international financial system, including the overhaul of the World Bank and the International Monetary Fund, the New York Times reports.
Brazil has already taken steps to increase its own climate finance, the Times notes, but the new report warns that those steps won't be enough to make up for the lack of funds currently available to fight climate change, which is expected to worsen as the planet warms
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