UN Secretary-General António Guterres urged the global leaders to reach a consensus on a finance deal stressing that the COP29 must tear down the walls of climate finance.
"Developing countries must not leave Baku empty-handed. A deal is a must," he said adding, "We need a new finance goal that meets the moment."
He made the call at the opening ceremony of World Leaders Climate Action Summit at the 29th conference of parties (COP29) on Tuesday morning in Baku, the capital of Azerbaijan.
Bangladesh Chief Adviser Prof Muhammad Yunus was scheduled to deliver his speech Tuesday in the COP29 summit.
Mr Guterres further said five elements are critical to success. "First, a significant increase in concessional public finance. Second, a clear indication of how public finance will mobilise the trillions of dollars developing countries need. Third, tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction based on the principle that polluters must pay."
"Fourth, a framework for greater accessibility, transparency, and accountability -- giving developing countries confidence that the money will materialise."
"Fifth, boosting lending capacity for bigger and bolder Multilateral Development Banks. This requires a major recapitalisation. And it requires reforms of their business models, so that they can leverage far more private finance."
"The resources available may seem insufficient. But they can be multiplied with a meaningful change in how the multilateral system works. Big sums require big change."
"The COP29 outcome must build on the Pact for the Future - agreed by consensus in New York in September - and drive progress."
"I urge the major MDB shareholders to use your position to push for change. 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. Both are indispensable: to a liveable world for all humanity. And a prosperous future for every nation on Earth. The clock is ticking," he added.
[email protected]
