BAKU, Azerbaijan, Nov 14 – UN Secretary-General António Guterres has stressed the importance of securing a climate finance deal at COP29, warning that developing nations “must not leave Baku empty-handed.” Speaking on Tuesday, Guterres underscored the urgent need for robust financial support to help vulnerable countries adapt to and mitigate the impacts of climate change.
“A deal is a must,” Guterres declared. “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 also highlighted the looming risk of a vast adaptation finance gap, projecting it could reach $359 billion annually by 2030 unless substantial action is taken. This gap poses a grave threat to developing nations, particularly in Africa, where the call for $1.3 trillion by 2030 to support adaptation and resilience efforts is intensifying. Africa, despite contributing little to global emissions, faces disproportionate impacts, including severe droughts and floods driven by the emissions of wealthier nations.
The UN chief called for innovative funding mechanisms, including levies on high-emission industries like aviation, shipping, and fossil fuels, urging that “polluters must pay” for their role in climate degradation.
Kenya’s Prime Cabinet Secretary Musalia Mudavadi, representing President William Ruto at the summit, reiterated Kenya’s commitment to climate resilience, noting that the country has ramped up adaptation efforts following the Africa Climate Summit in Nairobi. Environment Cabinet Secretary Aden Duale reinforced Africa’s demand for $1.3 trillion, pointing to the severe climate challenges the continent faces despite its minimal contribution to global emissions.
As COP29 progressed through November 22, an early breakthrough was achieved with an agreement on carbon credit standards under Article 6.4 of the Paris Agreement. COP29 President Mukhtar Babayev hailed the agreement as a “game-changing tool” designed to help developing nations access funding through an international carbon market to address urgent climate needs.**
This summary captures key points of Guterres’ speech and the climate finance discussion at COP29, reflecting both the international urgency and specific calls for action from African nations.