Your COP and G20 twofer

We just had a rare geopolitical Barbenheimer, with two big yet distinct summits wrapping the same weekend (both boycotted by the US, btw).

Here are the top quotes you should know, starting with…

🇧🇷 The 30th COP climate summit, Belém

1. "Trees can be worth more standing than cut down" – Mohamed Irfaan Ali, president of Guyana

Ali here was highlighting one of the summit's clearer outcomes: a $125B 'Tropical Forests Forever Facility' to pay certain nations for preserving their trees. With an initial ~$6B seeding from Norway and others, it's now up to the World Bank to get it running.

The other big COP outcome was…

2. "Adaptation is not optional" – Simon Stiell, the UN climate chief (pre-COP quote)

Wealthier countries pledged to triple their support to help poorer players adapt to climate change: think more flood defences in Bangladesh, or sea-level barriers in Vanuatu.

Interestingly, this tripling was meant as a carrot to get the rest of the world to commit to burning fewer fossil fuels, but instead, the summit just yoinked that carrot and...

3. "A climate decision that cannot even say ‘fossil fuels’ is not neutrality, it is complicity" – Juan Carlos Monterrey Gómez, Panama’s COP representative

This COP was meant to hammer out the details of our pledge to "transition away" from fossil fuels, but petrostates like Saudi Arabia and Russia said no, so Brazil announced Colombia’s voluntary April summit will take this forward outside the UN instead.

Now order some non-free-range eggs on that gas-guzzling Gulfstream over to...

🇿🇦 The 20th summit of G20 leaders, Johannesburg

1. "We have what we call sufficient consensus" – Vincent Magwenya, spokesperson for South Africa’s president

With the US boycotting and a DC-friendly Argentina withholding its own signature at the last minute, there was no consensus at this year's G20 summit in South Africa.

But South Africa’s Ramaphosa called their bluff and published a G20 declaration anyway. It’s like saying your family WhatsApp has “sufficient consensus” on Christmas plans, even though Uncle Gus and the cousins made clear they hate your Christmas plans.

Anyway, Ramaphosa’s point was clear: in a multipolar world, a US boycott might just end up curbing America's own influence. Meanwhile...

2. "We will promote mutually beneficial cooperation and peaceful use of key minerals" – Li Qiang, premier of China

Li (repping his boss Xi) copped a veiled G20 rebuke of China's "unilateral trade actions" that limit the world's access to critical mineral bottlenecks: those curbs have rattled not just US military and tech leaders, but also European and Japanese automakers.

So Li announced a low-detail "global mining initiative" with 19 developing nations promising "stable and smooth” supplies. Also hinting at mineral deals with Germany and others, it's a reminder China is still leveraging its bottlenecks to drive its own agenda.

That’s why America’s own Export-Import Bank (EXIM) is now reportedly investing $100B to secure US and allied supply chains. But there was a bigger focus at this year's G20...

3. “We used this presidency to place the priorities of Africa and the Global South firmly at the heart of the G20 agenda” – Cyril Ramaphosa, president of South Africa

You could see this both in the G20’s guestlist (with ~20 guests like Angola, Namibia, and Nigeria) but also the focus: the G20's first explicit prioritisation of inequality reduction.

It's mostly aspirational, though the associated report (led by Nobel laureate Joseph Stiglitz) includes some big findings (41% of recent new wealth went to the top 1%) and recommendations (tackle corporate concentration and large capital gains).

And with that, Ramaphosa banged the gavel, though there was a spat over how to hand it to next year’s US hosts (they've agreed to meet at South Africa's foreign ministry).