BAKU – United Nations Secretary-General Antonio Guterres issued a stark warning to world leaders at the COP29 climate summit on Tuesday, urging nations to “pay up” to avoid catastrophic climate impacts and stressing that time is running out to prevent dangerous global warming.
Speaking at the annual summit, held this year in Baku, Guterres highlighted the urgent need to raise funds to support a transition to cleaner energy and curb the damage caused by carbon emissions. The summit is focused on securing commitments for climate finance, with a target of mobilizing hundreds of billions of dollars annually to aid developing countries in their climate efforts.
“On climate finance, the world must pay up, or humanity will pay the price,” Guterres said, underscoring the risks of exceeding the 1.5 degrees Celsius temperature rise target, which scientists warn could lead to irreversible climate damage.
This year’s COP, however, faces challenges in generating political momentum. The absence of several major leaders, including US President Joe Biden, Chinese President Xi Jinping, and European Commission President Ursula von der Leyen, has created a diplomatic void at the summit.
With 2024 expected to be the hottest year on record, the impacts of climate change are already visible. In the U.S., unusual wildfires along the East Coast continue to affect air quality, while Spain faces unprecedented flooding, prompting billions of euros in recovery aid from the Spanish government.
Economic Impact Looms
A technical breakthrough was achieved on Monday with an agreement to launch a UN-backed global carbon market, potentially unlocking billions for emissions-reduction projects. Yet tensions emerged over the summit’s agenda, as European and small island nations clashed with Arab countries regarding the role of fossil fuels in future climate discussions.
Despite the progress, the central focus remains on securing climate finance for vulnerable nations, with a goal to finalize an agreement on $1 trillion in annual climate funds.
“Every country must act on climate, because the climate crisis is fast becoming an economic crisis,” said Simon Stiell, head of the UNFCCC, which oversees the summit. “If we fail to act, all countries and households will face higher costs, creating a ‘permanent inflationary nightmare.’”
With the clock ticking, COP29 is a critical moment to accelerate global climate action and avert the most extreme outcomes of climate change.