As COP29 nears its end in Azerbaijan, UN Secretary-General António Guterres sent a stark reminder about the urgency of agreeing on a new climate finance goal. Guterres restated his message to world leaders, stressing the importance of setting an ambitious climate finance goal to prevent disastrous outcomes.
“Failure is not an option,” he emphasized, warning that delays could hasten the occurrence of irreversible climate tipping points.
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Negotiations at a Standstill
Negotiators are still at odds over a climate-finance framework for developing countries as the summit draws closer. Reactions to the initial draft of a possible agreement made public early Thursday have conflicted. Divergent ideas from wealthy and developing countries are reflected in the document, which also has unsolved difficulties with budget targets and implementation timelines.
Concerned about the lack of agreement, Guterres urged the parties to move swiftly. “The clock is ticking. COP29 is now down to the wire,” he said, cautioning that failure could jeopardize both near-term climate action and preparations for COP30 in Brazil.
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A Comprehensive Climate Finance Goal
To help developing nations meet the 1.5°C objective, the Secretary-General underlined the necessity of an ambitious financing package. The package would mobilize resources to help reduce emissions, transition to clean energy, and develop resilience in climate disasters.
He emphasized that climate finance must also restore trust between nations and strengthen global solidarity under the Paris Agreement framework. “This is a COP to deliver justice in the face of climate catastrophe,” Guterres declared.
Challenging the perception of climate finance as charity, Guterres argued it represents a critical investment in the planet’s shared future. “It’s a downpayment on a safer, more prosperous future for every nation on Earth,” he said.
He also noted the pledge made by multilateral development banks to increase yearly climate funding to $120 billion by 2030, in addition to $65 billion from the private sector. The UN General Assembly’s Pact for the Future seeks to increase development bank lending and access to climate finance.
Addressing the geopolitical divisions threatening progress, Guterres urged leaders and negotiators to prioritize unity and cooperation. “Never forget what is at stake…This is not a zero-sum game, “ he said, appealing to negotiators to overcome their differences for the sake of humanity.
In his closing remarks, Guterres underscored the urgency of the moment. “The need is urgent. The rewards are great. And time is short, “ he said. He stressed that COP29 must deliver for all humanity, urging the need to turn words into action before it’s too late.