Fostering Climate Justice Finance In G20 Countries

The basic tenets of climate justice involve recognizing that the impacts of climate change, while affecting the entire world, manifest in varying degrees and intensities across countries and social groups. Those least responsible for the climate crisis are potentially the most adversely affected, whether by the impacts themselves or by the climate-related solutions. Achieving climate justice remains one of the foremost challenges and, to operationalize it, there is a significant need to propose strategic policies and measures ensuring access to funding and socio-environmentally just technology transfer. This policy brief addresses the imperative of fostering climate justice by proposing the incorporation of reparative and redistributive mechanisms into climate financing, providing territorial-based innovations with high replicability. Reparation recognizes historical injustices and aims to rectify past environmental exploitation, providing a more just and sustainable future. Simultaneously, redistribution ensures that climate finance benefits are equitably distributed, benefitting marginalized communities and nations. The approach presented not only targets global climate action (SDG 13) but also aligns with reducing inequalities (SDG 10) and protecting life on land (SDG 15). The debate surrounding fair global taxes and community-led climate funds serves as pivotal aspects of these recommendations. The promotion of fair taxation systems can support funds in ways that consider historical environmental impacts and strive to rectify systemic inequalities. The consolidation of a new global financial architecture through the G20 must be guided by a progressive elimination of fossil fuels (SDG 7). By embracing these concepts, this comprehensive approach argues for creating a transformative and inclusive framework for combating climate change while promoting climate justice finance in G20 countries.