COP29: UN Chief Urges Global Leaders To Pay ‘Climate Debt’ Or Risk Grave Consequences

UN Secretary-General Antonio Guterres urged world leaders on Tuesday at COP29 to give priority to climate financing, warning that neglecting the “climate debt” would lead to grave consequences for humanity.

COP29 must dismantle barriers to climate finance

During his address at the World Leaders Climate Action Summit (WLCAS), held in Baku as part of COP29, Guterres stated that COP 29 must dismantle barriers to climate finance. He stressed that there was no time to waste and that, regarding climate finance, the world must either act or humanity would suffer the consequences. Guterres emphasized that climate finance should be viewed not as charity, but as an investment, and that climate action is an essential requirement rather than an option.

Urgency of limiting global warming to 1.5 degrees Celsius

Guterres highlighted the urgency of limiting global warming to 1.5 degrees Celsius, noting that 2024 is on track to be the hottest year ever, following the hottest days and months recorded. He acknowledged that time is running out.

The UN chief addressed the extensive harm inflicted on communities, infrastructure, and children by natural disasters worsened by climate change, emphasizing that these disasters are being intensified by human-caused climate change and that no country is immune.

Wealthier contribute more to the problem, poorer bear the highest costs

Guterres pointed out the inequality of climate change impacts, explaining that the wealthier contribute more to the problem, while the poorer bear the highest costs. He cited Oxfam’s findings that the wealthiest billionaires emit more carbon in 90 minutes than the average person does in a lifetime.

He cautioned that if emissions do not drastically reduce and adaptation efforts do not increase, all economies would face more severe impacts.

COP29 in Baku

Despite the challenges, Guterres mentioned recent advancements as a source of hope, such as renewable energy and grid investments surpassing fossil fuel investments for the first time last year. He stated that, almost universally, solar and wind now represent the cheapest sources of new electricity, making continued reliance on fossil fuels illogical.

The secretary-general highlighted the need for a 9% annual reduction in global emissions and a 43% decrease from 2019 levels by 2030.

He also emphasized the G20’s responsibility to lead in combating the climate crisis and reaffirmed the UN’s commitment to providing the necessary support.

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