The United Nations Secretary-General António Guterres has intensified his call for immediate global climate action and robust funding to support vulnerable nations in a dire warning at the 2024 Climate Change Conference (COP 29) in Baku. Declaring that “the era of global warming has ended; the era of global boiling has arrived,” Guterres emphasized the critical need for the Global North to accelerate its response to the Loss and Damage Fund, established to aid countries most affected by climate-related disasters.
At the launch of the High-Level Dialogue on Complementarity and Coherence of Loss and Damage Funding Arrangements, Guterres hailed the creation of the Loss and Damage Fund as a landmark achievement in multilateralism and climate justice. However, he expressed grave concerns over the fund’s initial capitalization of $700 million, stating that it barely addresses the scale of loss in vulnerable regions. “The $700 million allocated is roughly equivalent to the annual earnings of the world’s ten highest-paid footballers,” Guterres remarked. “This funding falls far short, covering less than a quarter of the damage caused by Hurricane Yagi in Vietnam alone.”
Need for Innovative Funding Mechanisms and Climate Finance Goals
To bridge this financial gap, Guterres urged countries to commit additional funding and embrace innovative revenue sources. “Bilateral flows alone won’t suffice,” he said, advocating for the implementation of solidarity levies on high-emission industries, such as shipping, aviation, and fossil fuel extraction, to ensure sufficient support for climate adaptation. He also recommended establishing a fair carbon price to curb emissions and fund climate action. The Secretary-General called on nations to adopt a new climate finance goal and increase their contributions to achieve the necessary support levels for vulnerable countries.
Global Leaders Urged to Take Swift Action on Emissions and Renewable Transition
Addressing the urgency of climate action, Guterres appealed to governments to enact stronger commitments, drastically cut emissions, and expedite the transition to renewable energy. He called for the regulation and elimination of fossil fuel subsidies, which he believes would accelerate the shift to sustainable energy. Furthermore, Guterres proposed a windfall tax on fossil fuel profits, directing the proceeds to climate resilience and adaptation programs.
Climate Justice and Adaptation Finance Targets
In a push for climate justice, Guterres stressed that developed nations have a responsibility to support developing countries disproportionately affected by climate change. He pressed wealthy nations to fulfill their promise of $100 billion in annual climate funding and to double adaptation finance to $40 billion by 2025, underscoring the urgent need for transparent and accountable financing for climate adaptation.
The Secretary-General’s urgent plea at COP 29 reflects mounting global awareness that current efforts and resources are inadequate in the face of escalating climate disasters. With climate-induced extreme weather events becoming increasingly severe, Guterres warned that without immediate, substantial funding and ambitious policies, the climate crisis will deepen—impacting the world’s most vulnerable communities the hardest.
