Guterres: Failure on climate finance ‘not an option’

UN Secretary-General António Guterres made a strong call to action as COP29 approaches its crucial conclusion in Baku, imploring world leaders and negotiators on Thursday to overcome their disagreements and reach an historic climate finance deal. “I sense an appetite for agreement,” he said.

Having just returned from the G20 Summit in Rio, Mr. Guterres shared the resounding message he delivered there: an ambitious climate finance goal is not only essential, but urgent.

“Failure is not an option,” he emphasized, warning that the result of inaction could be catastrophic.

Just 24 hours before COP29 is due to wrap up in the Azerbaijan capital, negotiators reportedly remained at loggerheads over a new climate finance goal to help developing countries combat flash flooding, drought, wildfires and other natural shocks made worse by human activity.

The first draft text on a potential outcome dropped in the early morning hours on Thursday and received mixed reactions from government negotiating teams and civil society groups.

Largely divided in two parts, the draft reportedly sets out proposals from developing and developed countries, with some sticking points still unresolved, including on funding goals.

‘Clock is ticking’

Emphasizing the urgency of the moment, the Secretary-General said: “The clock is ticking. COP29 is now down to the wire.”

While progress has been made and areas of convergence are emerging, significant differences still remain, the UN chief continued.

But without decisive action, the consequences could ripple far beyond this summit, potentially undermining near-term efforts and complicating preparations for COP30 in Brazil, he noted.

“Failure might jeopardize both near-term action and ambition in the preparation of new national climate action plans,” Mr. Guterres warned, adding that it could accelerate the approach of irreversible climate tipping points.

A clear path forward

The Secretary-General underscored the critical need for an ambitious new climate finance goal: a comprehensive financial package designed to mobilize resources for developing countries, enabling them to implement climate action plans aligned with the 1.5-degree Celsius target. 

He emphasized the importance of financing initiatives that support nations in transitioning to clean, affordable energy while reducing emissions.

Additionally, he highlighted the necessity of strengthening disaster resilience by securing funds to protect vulnerable populations from the escalating impacts of climate disasters. Restoring trust between nations was also a key focus, with a call to build solidarity through international cooperation under the framework of the Paris Agreement. 

Mr. Guterres underscored the significance of this agreement as more than a mere negotiation. “This is a COP to deliver justice in the face of climate catastrophe,” he said.

An investment, not a handout

Challenging the notion of climate finance as a form of charity, the UN chief argued that it is a critical investment in the planet’s future. “It’s a downpayment on a safer, more prosperous future for every nation on Earth,” he asserted.

He recalled that multilateral development banks have pledged to increase their climate finance to $120 billion annually by 2030, with an additional $65 billion mobilized from the private sector.

Meanwhile, the Pact for the Future – adopted in New York this past September by the 193-member UN General Assembly – commits to improving access to finance and increasing the lending capacity of development banks.

A call for unity

Recognizing the geopolitical divisions that could undermine progress, the Secretary-General urged leaders and negotiators to “soften hard lines”, navigate their differences and “keep eyes on the bigger picture”.

Appealing for unity and reminding all parties of what is at stake – a liveable planet for future generations – he stated: “Never forget what is at stake…This is not a zero-sum game.”

Deliver for all humanity

Wrapping up his remarks, Mr. Guterres said: “The need is urgent. The rewards are great. And time is short.”

He emphasized that COP29 must deliver not only for those in the negotiation halls but for all humanity.

Alongside the Secretary-General’s press conference and the ongoing intense negotiations, discussions at COP29 today also spotlighted the critical importance of gender equality in combating the climate crisis.

Participants at the High-Level event on Gender Transparency, a highlight of ‘Gender Day’ at COP29 in Baku, Azerbaijan.

A high-level session on gender and transparency emphasized the necessity of integrating gender considerations into climate policies.

Women, particularly in low-income and marginalized communities, often bear the brunt of climate-induced disasters due to their roles as primary caregivers and food providers.

Meanwhile, in many regions, their limited access to resources, education, and decision-making power further deepens their vulnerability. Women frequently shoulder the burden of securing water, food, and fuel for their families, often at great personal risk.

By ensuring that women have equal access to resources, education, and opportunities to participate in climate solutions, more effective and sustainable strategies can be created for mitigating and adapting to the effects of our rapidly warming planet.