BAKU

UN Secretary-General Antonio Guterres on Tuesday called on world leaders to prioritize climate financing and warned that failing to address the “climate debt” would result in severe repercussions for humanity.

“COP 29 must tear down the walls of climate finance,” Guterres said during his address at the World Leaders Climate Action Summit (WLCAS), held in Baku as part of COP29.

“There is no time to lose. On climate finance, the world must pay up or humanity will pay the price. Climate finance is not charity. It's an investment. Climate action is not optional. It's an imperative,” he said.

With time running out to limit global warming to 1.5 degrees Celsius, Guterres pointed out that 2024 is on track to become the hottest year on record, following the hottest days and months ever recorded.

"Time is not on our side,” he said.

The UN chief highlighted the significant damage inflicted on communities, infrastructure, and children by natural disasters exacerbated by climate change, saying, “All these disasters and more are being supercharged by human-made climate change. And no country is spared.”

Guterres underscored the injustice of climate change impacts, explaining “the rich cause the problem, the poor pay the highest price. Oxfam finds the richest billionaires emit more carbon in an hour and a half than the average person does in a lifetime.”

“Unless emissions plummet and adaptation soars, every economy will face far greater fury,” he warned.

However, he pointed to recent progress as a sign of hope, noting that investments in renewable energy and grids exceeded fossil fuel investments for the first time last year.

“Almost everywhere, solar and wind are the cheapest source of new electricity. So doubling down on fossil fuels is absurd,” Guterres said.

The secretary-general stressed the need to reduce global emissions by 9% each year and achieve a 43% drop from 2019 levels by 2030.

He also emphasized the G20’s responsibility to lead in fighting the climate crisis, while affirming the UN’s commitment to provide necessary support.

* Writing by Seda Sevencan