Guterres urges global leaders to reach a finance deal in COP29 conference

UN Secretary-General António Guterres urged the global leaders to reach a consensus for a finance deal stressing that the COP29 must tear down the walls of climate finance.

“Developing countries must not leave Baku empty-handed. A deal is a must,” he said adding, “We need a new finance goal that meets the moment.”

The UN top brass made the call during the opening ceremony of the 29th Conference of Parties (COP29) World Leaders' Climate Action Summit on Tuesday morning in Baku, the capital city of Azerbaijan.

Bangladesh’s Chief Adviser of the interim government Professor Muhammad Yunus is expected to deliver his speech on Wednesday in the COP29 summit.

Nobel laureate Dr Yunus made these remarks while addressing the World Leaders Climate Action Summit at the 29th conference of parties (COP29) of the United Nations Framework Convention on Climate Change in Baku the capital of Azerbaijan.

UN Secretary-General António Guterres stressed that the COP29 must tear down the walls of climate finance.

Five elements are critical to success, said Guterres adding, “First, a significant increase in concessional public finance. Second, a clear indication of how public finance will mobilise the trillions of dollars developing countries need. Third, tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction. Polluters must pay.

Fourth, a framework for greater accessibility, transparency, and accountability – giving developing countries confidence that the money will materialise. Fifth, boosting lending capacity for bigger and bolder Multilateral Development Banks.”

This requires a major recapitalisation. And it requires reforms of their business models, including so that they can leverage far more private finance, he said.

The resources available may seem insufficient. But, they can be multiplied with a meaningful change in how the multilateral system works.

Big sums require a big change, the UN top brass said.

The COP29 outcome must build on the Pact for the Future – agreed by consensus in New York in September – and drive progress, he said.

“I urge the major MDB shareholders to use your position to push for change. There is no time to lose,” Guterres said.

On climate finance, the world must pay up, or humanity will pay the price, he added.

“Climate finance is not charity, it’s an investment. Climate action is not optional, it’s imperative. Both are indispensable: to a liveable world for all humanity. And a prosperous future for every nation on Earth, “ he said adding, “The clock is ticking.”

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