Guterres: Climate finance is an investment, climate action is imperative

The world is in the final countdown to limit global temperature rise to 1.5 degrees Celsius, UN Secretary General Antonio Guterres said at the opening ceremony of the World Leaders Climate Action Summit at COP29, according to Report.

"At this COP, you must agree to rules for fair, effective carbon markets that support that fight; Markets that respect the rights of local communities, and leave no space for greenwashing or land-grabbing," he said.

"And the economic imperative is clearer and more compelling – with every renewables roll out, every innovation, and every price drop. Last year – for the first time – the amount invested in grids and renewables overtook the amount spent on fossil fuels. Almost everywhere, solar and wind are the cheapest source of new electricity. Doubling down on fossil fuels is absurd," Guterres noted.

He said the clean energy revolution is here.

"No group, no business, and no government can stop it. But you can and must ensure it is fair, and fast enough to limit global temperature rise to 1.5 degrees Celsius," Guterres noted.

The UN chief urged all nations to focus on three priorities.

"First, emergency emissions reductions. To limit global temperature rise to 1.5 degrees Celsius, we must cut global emissions nine percent every year. By 2030, they must fall 43 percent on 2019 levels. That means they must cover all emissions and the whole economy; Advance global goals to triple renewables capacity, double energy efficiency, and halt deforestation by 2030; Slash global fossil fuel production and consumption thirty percent by the same date; And align national energy transition strategies and sustainable development priorities with climate action – to attract needed investment," Guterres noted.

He said all countries must do their part.

"But the G20 must lead.They are the largest emitters, with the greatest capacities and responsibilities. They must bring their technological know-how together – with developed countries supporting emerging economies," the UN chief noted.

"Second, you must do more to protect your people from the ravages of the climate crisis," Guterres noted, adding that the most vulnerable are being abandoned to climate extremes.

"The gap between adaptation needs and finance could reach up to $359 billion a year by 2030. These missing dollars are not abstractions on a balance sheet: they are lives taken, harvests lost, and development denied," he said.

According to the UN chief, now more than ever finance promises must be kept. Developed countries must race the clock to double adaptation finance to at least $40 billion a year by 2025.

The third priority is finance, he said.

"COP29 must tear down the walls to climate finance. Developing countries must not leave Baku empty-handed. A deal is a must. We need a new finance goal that meets the moment," he said.

Guterres noted that climate finance is not charity, it's an investment.

"Climate action is not optional, it's imperative," he said.