COP29: Guterres Urges Climate Finance for Developing Nations

Baku, Nov 12 (PTI) UN Secretary-General Antonio Guterres Tuesday urged world leaders to ensure that COP29 must tear down the walls of climate finance, warning that "developing countries must not leave Baku empty-handed".

Addressing the opening ceremony of the World Leaders Climate Action Summit at COP29 here, Guterres sought urgent measures to support developing nations, which are bearing the brunt of climate-fuelled catastrophes despite contributing relatively little to global emissions.

"The rich cause the problem, the poor pay the highest price," Guterres said, pointing out that developing nations face disproportionate impacts from climate change, such as food insecurity, infrastructure damage, and biodiversity loss.

"Developing countries must not leave Baku empty-handed. A deal is a must and I'm confident it will be reached," he said.

With 2024 on track to be the hottest year on record, he described climate change as a “masterclass" in destruction, devastating communities and driving up global food and energy prices.

In his address, Guterres outlined three priorities essential to achieving climate goals, particularly stressing the role of developed nations in ensuring that developing countries have the necessary resources to adapt and transition to cleaner energy.

He called for developed countries to lead emissions reductions by providing emerging economies with technology and financial aid to enable climate action.

Guterres highlighted the staggering financial gap in adaptation financing, which could reach $359 billion annually by 2030, and urged developed countries to fulfil promises to double adaptation funding by 2025.

"These missing dollars are not abstractions on a balance sheet: they are lives taken, harvests lost, and development denied," he said, advocating for rapid progress in establishing effective finance solutions for vulnerable nations.

The UN Secretary-General further advocated a new climate finance structure to ensure developing countries receive adequate support. He proposed a five-point finance plan that includes boosting concessional public finance, tapping into innovative revenue sources, and transforming multilateral banks to channel greater investment into these regions.

Guterres warned that without significant support, COP29 risks ending without meaningful results for developing countries.

He also emphasised that climate finance is an essential investment in global stability and resilience.