The initiative, spearheaded by Brazil during its G20 presidency this year, could potentially raise $250bn a year. But, fresh from withdrawing negotiators from Cop19, the government of Javier Milei, elected president of Argentina this summer on a hard-right,

The U.N.'s climate chief called on leaders of the world's biggest economies on Saturday to send a signal of support for global climate finance efforts when they meet in Rio de Janeiro next week, to help trigger a deal at COP29 talks.

With negotiations on climate finance in Baku at a standstill, leaders are turning to the G20 meeting in Brazil for a breakthrough .