KAZAN, Russia, October 24. The 29th Conference of the Parties (COP29) to the UN Framework Convention on Climate Change will present new opportunities for financing, United Nations Secretary-General António Guterres said, at the first plenary session of the 16th BRICS+ summit in Kazan, Trend reports.
“Regarding climate, each country has reaffirmed its commitment to reduce the temperature rise to one and a half degrees. This requires serious measures to reduce emissions, and the G20 must lead the way.
In the coming weeks, there will be a conference of the parties to launch a new report that will present new contribution plans, with targets of 25 percent. This conference will provide new opportunities for the financing plan. Developed countries must fulfill their commitments by doubling climate finance and providing funds for the loss and damage fund,” the secretary general said.
According to him, the existing financial system fails to furnish numerous disadvantaged nations with adequate social security provisions. Consequently, to ensure a sustainable future, it is imperative to expedite the overhaul of the antiquated, wasteful, and inequitable international financial architecture.
“This includes a commitment to continue incentivizing the Sustainable Development Goals, changing the business model and substantially increasing the multilateral development banks' support capacity, as well as their concessional financing for developing countries in vulnerable situations,” Guterres explained.