UN Secretary General Antonio Guterres has called for a strong financial outcome from COP29, the global climate conference to be held in Baku, Azerbaijan, in November, highlighting the critical role of finance in support of climate action, Report informs.
He made the announcement at the SCO plus meeting in Astana on July 4.
The secretary general stressed the need to increase the lending capacity of Multilateral Development Banks and attract more private capital for climate initiatives.
Developed countries should also double their financing for climate adaptation and fulfil their commitments, including substantial contributions to the new Loss and Damage Fund, the UN chief said.
To support these efforts, the Secretary-General advocated for innovative financial mechanisms, including carbon pricing and taxes on the windfall profits of fossil fuel companies. He called for early adopters to implement solidarity levies on sectors such as shipping, aviation and fossil fuel extraction by COP29.