Baku, Azerbaijan — At the COP29 climate conference in Baku, Azerbaijan, UN Secretary-General António Guterres emphasized the need for substantial and immediate financial commitments to support developing nations in addressing the severe impacts of climate change.
Guterres warned that the global adaptation finance gap could escalate to $359 billion per year by 2030, which could be catastrophic for vulnerable nations bearing the brunt of climate disruptions.
In his call for action, Guterres urged wealthier countries to fulfill their past commitments and increase climate adaptation finance to $40 billion annually by 2025. He stressed that this funding must be accessible and transparent to ensure that it reaches those most in need.
"These missing dollars are not abstractions on a balance sheet," Guterres said. "They are lives taken, harvests lost, and development denied." He also urged nations to contribute to the newly established Loss and Damage Fund, which aims to support communities already experiencing the devastating effects of climate change.
Guterres further advocated for innovative funding mechanisms to ensure that "polluters pay" for climate impacts, proposing levies on high-emission industries such as shipping, aviation, and fossil fuel extraction.
At the summit, Kenya's Environment Cabinet Secretary, Aden Duale, reinforced Guterres' message by highlighting Africa's demand for a new $1.3 trillion climate financing mechanism. Duale underscored that Africa, despite contributing minimally to global emissions, is disproportionately affected by climate change and requires urgent financial support to address these impacts. H
e emphasized that this funding should be provided as grants rather than loans to support resilience-building in the Global South.
COP29's opening days have set an ambitious tone for the summit, which runs through November 22. In an early breakthrough, nations reached a consensus on standards for carbon credits under Article 6.4 of the Paris Agreement, a development that COP29 President Mukhtar Babayev described as a "game-changing tool" for supporting climate action and channelling resources to developing nations.
