UN chief at COP29: Climate finance is not charity, it’s investment

Глава ООН на КС-29: климатическое финансирование – это не благотворительность, а инвестиции

Investments in renewable energy sources exceed investments in fossil fuels for the first time. UN chief at COP29: climate finance is not charity, it is investment Climate and environment

The international community has less and less chance of limiting the rise in global temperature to 1.5 degrees Celsius – in accordance with the Paris climate agreement. This was stated by UN Secretary-General Antonio Guterres at the 29th UN Climate Conference in Baku, COP29.

The warmest year

“Time is not on our side,” he said, addressing world leaders and delegates from dozens of countries gathered in the capital of Azerbaijan to discuss the global climate crisis.

Guterres recalled that 2024, according to the World Meteorological Organization, will be the warmest year in recorded history. It included the hottest day on record and the hottest months.

No country is immune

No country will escape the effects of climate change, the Secretary-General stressed, unless greenhouse gas emissions are reduced.

“In the global economy, problems in supply chains are driving up costs around the world. Destroyed crops are driving up food prices – around the world. Destroyed homes are driving up insurance premiums – around the world,” Guterres said.

“This is a story of avoidable injustice. The rich are the cause of the problem, and the poor are paying the highest price,” he added.

Reasons for Hope

There is every reason for hope for humanity, Guterres said.

“At COP28, you all agreed to phase out fossil fuels; accelerate the delivery of zero-emission systems, setting benchmarks to achieve this; accelerate adaptation to climate change; and align the next round of economy-wide national climate plans with the 1.5 degree Celsius limit. Now is the time to act,” the UN chief said.

The Secretary-General recalled that last year, for the first time, investment in renewable energy exceeded investment in fossil fuels.

“The clean energy revolution is already underway. And no group, no business, and no government can stop it. But you can and must ensure that it is fair and swift,” Guterres said.

Three priorities

He called on world leaders to focus on three priority areas: reducing emissions (by 43 percent by 2030 compared to 2019 levels), protecting people, especially the most vulnerable, from the devastating impacts of the climate crisis, and addressing the challenges of financing the fight against global warming and adaptation.

“Developing countries seeking to act face many obstacles: meager public finance, sky-high costs of capital, crushing climate disasters and debt servicing that eats up funds,” the Secretary-General said.  

“Last year, emerging markets outside China received just fifteen cents for every dollar invested in clean energy globally,” he added. he.

New financial goals

He called on the participants of KS-29 to set financial goals that “respond to the current moment.” This includes increasing concessional financing, mobilizing the trillions of dollars that developing countries need, building up the lending capacity of multilateral development banks and tapping innovative sources of finance, including levies on shipping, aviation and fossil fuels.

The COP29 outcome document should build on the Pact for the Future agreed by consensus in New York in September.

“I call on the major shareholders of the multilateral development banks to use their position to make a difference,” Guterres said. 

“Climate finance is not charity, it is investment,” he added. 

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