World Meteorological Organization (WMO) reports record increase in atmospheric CO2 in 2024.
Wildfires and reduced carbon absorption worsened the surge.
Climate finance ministers urge $1.3 trillion annual funding roadmap.
Atmospheric carbon dioxide (CO2) levels increased by a record amount to an anomalously high seasonal peak in 2024, contributing to a projected 54% greater long-term warming effect compared to past averages, according to a new World Meteorological Organization (WMO) report released on October 16.
The report, WMO Greenhouse Gas Bulletin, said, “Continued emissions of CO2 from human activities and an upsurge from wildfires were responsible”, reported Down To Earth. However, it also attributed the surge to reduced carbon absorption by sinks such as land ecosystems and the ocean. The analysis identified the cocktail of conditions as “a vicious climate cycle.”
“The heat trapped by CO2 and other greenhouse gases is turbo-charging our climate and leading to more extreme weather. Reducing emissions is therefore essential not just for our climate but also for our economic security and community well-being,” WMO Deputy Secretary-General Ko Barrett.
The report comes less than a month before the 30th Conference of Parties to the United Nations Framework Convention on Climate Change gets underway in Belem, Brazil.
Climate Finance Divide Exposed
The need for deeper action at G20 is underscored by new developments in climate finance. A coalition of 35 finance ministers released a roadmap to scale up climate finance on October 15 for scaling climate finance to $1.3 trillion a year, urging reforms to credit ratings, lending practices and development bank policies to unlock funds for climate solutions, reported Reuters.
This move is especially relevant for developing nations that bear the brunt of emissions yet contribute little to them. In 2023, G20 countries minus the African Union produced 77% of global emissions, while least developed nations accounted for just 3%, according to the Emissions Gap Report 2024 by UNEP. The report also stated that the contrast between responsibility and vulnerability calls for climate finance to be treated not as charity but as a binding duty in global climate governance.
Multilateral development banks (MDBs) hit a record $137bn in climate finance in 2024, bolstering support in low- and middle-income countries by 14% year-on-year, according to a European Investment Bank report.
This surge demonstrates that global financial institutions can step up—but the pressure now is on the G20 to translate funding momentum into accountability, fairness, and ambitious climate results.
