Baku, Azerbaijan — UN Secretary-General António Guterres declared that securing a climate finance deal at COP29 is critical for developing nations, emphasizing that they "must not leave Baku empty-handed."
Speaking on Tuesday in Baku, Azerbaijan, Guterres stressed the need for significant support to help vulnerable countries adapt to and mitigate climate change impacts.
"A deal is a must," he said. "COP29 must tear down the walls to climate finance. We need a new finance goal that meets the moment. On climate finance, the world must pay up, or humanity will pay the price."
Guterres highlighted the risk of a massive adaptation finance gap, warning that without action, the deficit could reach $359 billion annually by 2030, a severe threat to developing nations already facing devastating effects of climate change. In particular, countries in Africa are pushing for a minimum of $1.3 trillion by 2030 to support adaptation and resilience efforts, underscoring the fact that much of their climate distress stems from emissions by the Global North. Guterres also called for doubling adaptation finance to at least $40 billion by 2025.
In a powerful call to action, Guterres advocated for innovative funding mechanisms like levies on high-emission industries, including shipping, aviation, and fossil fuels, emphasizing that "polluters must pay" for their contributions to global warming.
Kenya's Environment Cabinet Secretary, Aden Duale, echoed Guterres' stance, emphasizing Africa's $1.3 trillion climate finance demand to build resilience against climate impacts.
Duale noted that Africa, though contributing little to emissions, has endured severe droughts, floods, and other climate-induced crises that have claimed lives and eroded infrastructure across the continent.
With COP29 scheduled through November 22, an initial breakthrough was achieved as countries agreed on carbon credit standards under Article 6.4 of the Paris Agreement, which COP29 President Mukhtar Babayev lauded as a "game-changing tool" for aiding developing nations through an international carbon market, aimed at channeling resources toward urgent climate actions.
