The world must fund climate change action or humanity will pay the price. It is not a stock, but an investment. Antonio Guterres, Secretary General of the United Nations, during the COP29 climate meeting in the capital of Azerbaijan, Baku, said that climate action is necessary for a sustainable life.
Guterres spoke at Tuesday's opening session of world leaders on climate action. Among others, the President of the Republic of Poland Andrzej Duda took part in the conference.
The most important topic of the conference is determining the level of financial aid from developed countries for the southern countries affected by the consequences of climate change. A key expectation for the COP29 presidency is to reach an agreement on the so-called New Collective Climate Finance Goal (NCQG).
– COP29 must break down the walls that make it difficult to finance climate action. Developing countries cannot leave Baku empty-handed. Guterres emphasized that the agreement is mandatory.
“The rich cause the problems, the poor pay the highest price”
The Secretary General of the UN drew attention to the obstacles that the southern countries are facing in the fight against the consequences of climate change. He cites the following as the most important: inadequate levels of public finance resources, rapid growth in capital expenditures, the devastating effects of climate disasters, and high debt service costs. As a result, Guterres said, last year only 15 cents of every dollar invested in clean energy worldwide went to developing and emerging markets outside of China.
– In our global economy (due to climate change), supply chain shocks drive up costs – everywhere. Reduced harvests lead to higher food prices – everywhere. Damaged homes drive up insurance premiums – everywhere. This is a preventable injustice. Guterres emphasized that the rich create the problems, the poor pay the highest price.
UN Secretary-General Antonio Guterres at the COP29PAP/EPA/ANATOLY MALTSEV climate summit
The UN Secretary General stated that all the countries of the world should oppose global warming and bear the costs of adapting to climate change. – But the G20 countries should lead. They are the biggest emitters, they have great opportunities, but they also have responsibilities – Guterres noted, calling on developing countries to help developing countries more because “every nation must have the tools and resources for climate action.” ” and currently “the most vulnerable are at the mercy of extreme climate conditions.”
– By 2030, the gap between adaptation needs and funding could reach $359 billion annually. These lost dollars are not an abstraction on the balance sheet. These are loss of life, loss of crops and threats to development. Now more than ever, it's important to keep your financial promises. Developed countries must race against time to double funding for climate change adaptation to at least $40 billion a year by 2025, Guterres said.
UN chief: Action needed to make the world livable
The Secretary General of the UN stated that in order to achieve this goal, significant changes are necessary both in the domestic financial markets and in the global market, including capitalization and changing business models, so to speak. multilateral development banks (MDBs) such as the World Bank, the Inter-American Development Bank, the Asian Development Bank, the African Development Bank and the European Bank for Reconstruction and Development. – Big sums require big changes. (…) There is no time to waste. The world must fund climate change action or humanity will pay the price. (…) This is not charity, it is an investment. Climate action is not optional, it must make the world livable. (…) Guterres warned that the clock is ticking. The COP29 climate summit in Baku will continue until November 22.
Adam Ziemienowicz, Maciej Zieliński / PAP
Main photo source: PAP/EPA/ANATOLY MALTSEV
