The world’s 20 biggest economies – and biggest carbon emitters – may have given enough impetus to secure an agreement later this week at Cop29 climate change talks as the gloom removed the possibility of agreeing a new climate finance target to support developing countries.

A statement from G20 in Rio de Janeiro on Monday called for expanded support from billions to trillions of dollars, without specifying a figure for the global goal – the main item on the agenda for 194 countries gathered in Azerbaijan.

They supported maintaining key targets, notably doubling renewable energy globally by 2030, but some countries and environmental NGOs expressed concern that they did not explicitly mention “the transition away from fossil fuels” – an outcome key from Cop28 last year.

The last G20 before Donald Trump takes office in United States he offered a “strong commitment to multilateralism,” with a particular focus on the Paris Agreement, which Trump has pledged to leave. “We understand and recognize the urgency and severity of climate change,” they added.

UN climate chief Simon Stiell said: “The G20 leaders sent a clear message to their negotiators at Cop29; “Don’t leave Baku without a new financial success goal.” This is in the clear interest of each country.”

They also committed to promoting financial reforms to put strong action on climate change within the reach of all countries. “This is an essential signal in a world plagued by debt crises and spiraling climate impacts, destroying lives, upending supply chains and fueling inflation in every economy,” he added.

“Stronger new national climate plans are also essential, as G20 leaders note, to move much faster to a clean energy and climate-resilient global economy right now,” Mr Stiell said.

All countries needed “to bypass positions and move quickly to common ground on all issues,” he said.

united nations general secretary Antonio Guterres said failure was not an option as it “could compromise ambition in preparing new national climate action plans with potentially devastating impacts as irreversible (climate) tipping points approach”.

He added: “Amazon conservation is an example. It would inevitably make the success of Cop30 (next year) in Brazil much more difficult. We must succeed in Baku, build trust and boost the preparation of ambitious national climate plans next year.”

Minister of Climate Eamon Ryanwho is leading negotiations on adaptation support, said he was more optimistic about the outcome. “I don’t think any country will benefit politically from stopping this,” he told a news conference.

While it was too early to say whether there would be an agreement, he said a breakthrough would restore confidence in international cooperation. “The world needs it right now. … It’s going to be an economic development opportunity.”

Making Ireland’s official statement at Cop29 in Baku, he said that “withdrawal would be unforgivable, but success can help restore faith in multilateralism and restore confidence. The prize is not only to stop the evasive climate, but also to develop a new economy that provides better sustainable development for all.”

He pointed out that in 2023, Ireland had reduced its national emissions by 6.8% year-on-year amid a growing population and a thriving economy, “demonstrating that it is possible to decouple emissions and economic growth – we don’t have to come to this. the expense of the other”. With further emissions cuts this year, he said it was a positive sign that Ireland was changing from a laggard to a global leader in climate action.

Frustration at the slow pace of progress was, however, evident as Friday’s deadline loomed. “There are icebergs that are melting faster than discussions continue. A deal is still possible, but we really need governments to step up and show strong leadership in the coming days. The stakes are too high to fail,” said Jamie Williams of Islamic Relief Worldwide.

“So far there has been too much talk about turning to the private sector for funding, but it is essential that governments step up public finance in the first place. The climate emergency is far too big a problem to be left to the whims of the private sector, which inevitably puts profits before people and completely ignores key issues like adaptation.”

It was also essential that “new funds be in the form of grants, not more loans that trap poor countries in debt for generations to come,” he said.