‘Pay or humanity will pay the price,’ Guterres warns at COP29 climate summit
“The sound you hear is the ticking of a clock. We are in the final countdown to limit global temperature rise to 1.5 degrees Celsius. And time is not on our side,” he warned.
In his opening speech with World leaders climate action summitMinisterial segment of COP29officially opened on Tuesday in the Azerbaijani capital Baku, Mr. Guterres pointed to the evidence, noting that 2024 is almost certainly the year hottest year ever recorded.
Meanwhile, “no country is immune” from climate ravages, from storms to boiling seas, crop-destroying droughts, etc., all of which are compounded by man-made climate change. go out.
‘Injustice can be avoided’
In the global economy, supply chain shocks increase costs – everywhere: Crop failures push up global food prices; Destroyed homes increase all insurance premiums.
“This is a story of avoidable injustice: The rich create the problem, the poor pay the highest price,” the UN chief said, noting that Oxfam found that The richest billionaires emit more carbon in an hour and a half than the average person. do throughout life.
“Unless emissions fall sharply and adaptation soars,” he stressed, “every economy will face much greater wrath.”
‘Reason for hope’
But there is every reason to be hopeful, the Secretary-General continued, pointing to the solid steps taken last year at COP28 in the United Arab Emirates.
In the UAE, all countries have agreed to phase out fossil fuels; to accelerate net-zero energy systems, setting milestones to get there; enhance climate adaptation; and adjust the next round of economy-wide national climate plans – or NDC – with a 1.5 degree limit set in Paris.
“The time to act is now,” he said, noting that a poll by the University of Oxford and the United Nations Development Program (UNDP) found that 80% of the world’s people want more climate action. Additionally, “scientists, activists and young people are demanding change – they must be heard, not silenced.”
The UN chief went on to note that last year – for the first time – the amount of investment in electricity grids and renewable energy surpassed the amount spent on fossil fuels and today, almost everywhere , solar and wind power are the cheapest new sources of electricity.
“Doubling fossil fuels is absurd. The clean energy revolution is here. No group, no business and no government can stop it. But you can and must ensure it happens equitably and quickly enough to limit global temperature rise to 1.5 degrees Celsius,” he explained.
Three focused priorities
Given all this, Mr. Guterres said, “developing countries must not leave Baku empty-handed” and called on world leaders at COP29 to focus on three areas for immediate action:
- Implement urgent emissions reductions – cut emissions by 9% each year to 43% of 2019 levels by 2030. This is the clearest move to limit global temperature rise to 1.5 degrees Celsius .
- Do more to protect people from the ravages of the climate crisis. The gap between adaptation and financing needs could reach $359 billion per year by 2030. The missing funds are not abstractions on a balance sheet: they are lives taken, seasons membranes are lost and development is denied.
- Breaking down the walls on climate finance by agreeing a new financing target that includes a significant increase in concessional public finance; a clear indication of how public finance will mobilize the trillions of dollars that developing countries need; exploit creative sources; lays out the framework for greater accessibility, transparency and accountability; and strengthen the lending capacity of larger and bolder multilateral development banks.
‘Pay or bargain’
“On climate finance, the world must pay the price, otherwise humanity will pay the price,” the UN chief emphasized, telling world leaders that “you and your governments must be guided by a clear truth: Climate finance is not charity, it is an investment; Climate action is not optional but mandatory.”
‘Climate finance is global inflation insurance’
In his speech at the leaders’ summit, United Nations climate chief Simon Stiell echoed many of the same themes, warning that The climate crisis is quickly becoming an economic killer.
“Climate impacts are reducing GDP by up to 5% in many countries”, emphasizing that the climate crisis is a cost of living crisis because climate-induced disasters are increasing costs for households and businesses.
Mr Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change, said: “Worsening climate impacts will cause high inflation unless every country can take action bolder climate”.UNFCCC), where the annual COP meetings are convened.
He urged leaders to learn lessons from the pandemic – when billions of people suffered because collective action was not taken quickly enough when supply chains were disrupted.
“Let’s not make that mistake again. Climate finance is global inflation insurance. Rampant climate costs will be public enemy number one, he said.
He went on to emphasize that bolder climate action can boost economic opportunity and abundance everywhere. Clean, cheap energy could be the foundation of many economies. It means more jobs, more growth, less polluted cities, healthier people and stronger businesses.
Mr. Stiell said he told leaders they expected a strong set of results in Baku: “Billions of people simply cannot afford for their governments to leave COP29 without a fiscal target.” global climate”.
“Tell your negotiators – skip the posturing – and get straight to finding common ground. Let’s bring those positions together.”
Want to know more? Check out ours special events pagewhere you can find all our coverage of COP29, including stories and videos, our explainers and newsletters.
