COP29 in Baku. UN chief: action is necessary to make the world livable

Guterres spoke during Tuesday's opening session of a summit of world leaders on climate action. The conference was attended by, among others, the President of the Republic of Poland, Andrzej Duda.

The most important topic of the summit is the issue of determining the level of financial assistance from highly developed countries for the Southern countries affected by the consequences of climate change. The main expectation for the COP29 presidency is to reach an agreement on the so-called New Collective Quantified Goal on Climate Finance (NCQG).

– COP29 must tear down the walls that make it difficult to finance climate action. Developing countries cannot leave Baku empty-handed. An agreement is a must, Guterres stressed.

The UN Secretary General drew attention to the obstacles facing the Southern countries in the fight against the consequences of climate change. He considered the most important to be: the insufficient level of resources of their public finances, the rapidly rising costs of capital, the devastating effects of climate disasters and the huge costs of debt servicing. As a result, Guterres said, last year just 15 cents of every dollar invested in clean energy globally went to developing and emerging markets outside China.

– In our global economy (caused by climate change), supply chain shocks are driving up costs – everywhere. Decimated harvests are driving up food prices – everywhere. Damaged homes increase insurance premiums – everywhere. This is an avoidable injustice. The rich cause the problem, the poor pay the highest price, Guterres stressed.

The UN Secretary General stated that all countries in the world must counteract global warming and bear the costs associated with adapting to climate change. – But it is the G20 countries that must lead. They are the largest emitters, they have the greatest opportunities, but also responsibilities – Guterres noted and called on highly developed countries to provide greater support to emerging economies, because “every nation must have the tools and resources for climate action” and currently “the most vulnerable are at the mercy of extreme conditions climate”.

– By 2030, the gap between adaptation needs and financing could reach $359 billion annually. These missing dollars are not an abstraction on the balance sheet. These are lives lost, crops destroyed and development threatened. Now more than ever, it's important to keep your financial promises. Developed countries must race against time to double financing for adaptation to climate change to at least USD 40 billion per year by 2025, Guterres said.

The UN Secretary General argued that to achieve this goal, serious changes will be necessary both on domestic and global financial markets, including recapitalization and a change in business models, the so-called 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 finance climate change action or humanity will pay the price. (…) It's not alms, it's an investment. Climate action is not optional, it is necessary to make the world livable. (…) The clock is ticking, Guterres warned. The COP29 climate summit in Baku will last until November 22.