UN chief calls for COP29 final text with ambitious new climate finance goal
As COP29 nears its close in Baku, UN Chief António Guterres called for a decisive, ambitious climate finance deal for developing nations.
(Baku, Azerbaijan) — As COP29 winds down in Baku, António Guterres, United Nations Secretary-General has called on negotiators and the COP Presidency Azerbaijan to agree on a new ambitious climate finance goal for developing countries.
The UN Chief emphasised this in his press statement today after returning from the G20 Summit in Rio. At the summit, he urged world leaders to instruct their ministers and negotiators to secure a new ambitious climate finance goal at COP29.
A vital part of the COP29 agenda is the New Collective Quantified Goal (NCQG) that includes a decision that must be made on a major new climate finance commitment to aid developing and climate-vulnerable countries in addressing the impacts of climate change. To date, a final decision is yet to be made on the financial framework.
Guterres believes failure to deliver on climate finance is not an option as it will jeopardise the ambition of a new finance goal and make COP30 in Brazil more difficult.
He said the new finance will enable all countries to protect themselves, and their people, from climate disaster and to build trust between nations.
“Finance is not a hand-out…It’s an investment against the devastation that unchecked climate chaos will inflict on us all. It’s a downpayment on a safer, more prosperous future for every nation on Earth.
“We have progress to build upon. Last week, multilateral development banks announced a significant boost in climate finance for low- and middle- income countries. This will reach $120 billion a year by 2030 with another $65 billion mobilised from the private sector.
“And in September, countries agreed to the Pact for the Future. This contains important commitments on: access to finance; effective action on debt; and substantially increasing the lending capacity of the Multilateral Development Banks, making them bigger and bolder,” he added.
The UN Chief further said that international cooperation – centred on the Paris Agreement – is indispensable to climate action.
“As you know this is a negotiation among Member States. But the COP Presidency has my full cooperation in its efforts to strike a deal – building on last week’s consensus on carbon markets, and the new national climate action plans some countries have announced. I urge every party to step-up, pick-up the pace, and deliver,” he said.
“The need is urgent. The rewards are great. And time is short,” he added.