BAKU, Azerbaijan, November 12. The most vulnerable are being abandoned to climate extremes, said UN Secretary-General António Guterres as he addressed the COP29 World Leaders' Climate Action Summit in Baku, Trend reports.
Guterres highlighted a sobering financial gap, warning that the difference between adaptation needs and available finance could reach $359 billion per year by 2030. “These missing dollars are not abstractions on a balance sheet: they are lives taken, harvests lost, and development denied,” he stated. He urged developed nations to fulfill their commitments, advocating a swift increase in adaptation financing to at least $40 billion annually by 2025, warning, “Now more than ever, finance promises must be kept.”
The UN chief argued that adaptation finance could act as a powerful catalyst, transforming economies and advancing sustainable development goals. But he noted that developed countries must prioritize support for adaptation, especially for communities lacking resources. “We need countries’ new climate action plans to set out adaptation financing needs,” he stated, calling for each nation to outline the funding required to adapt effectively to the climate crisis.
In addition to financing, Guterres called for global safety measures, urging leaders to ensure that “every person on earth” has access to climate alerts by 2027 under the UN’s Early Warnings for All initiative. This program aims to safeguard lives and resources through advanced weather alerts and preparedness.
He also pressed for a robust commitment to the new Loss and Damage Fund, calling for “a surge in pledges” and swift mobilization of resources. “Commitments turning into cash – with finance pouring into the Fund’s coffers – is what’s needed now,” he said, underscoring the necessity of immediate, tangible support for those suffering from climate-induced losses.
“Developing countries eager to act are facing many obstacles: scant public finance; raging cost of capital; crushing climate disasters; and debt servicing that soaks up funds,” he added. The current state of climate finance, he noted, has left many developing economies at a disadvantage, with only 15 cents of every dollar invested in clean energy flowing to these nations outside of China.
“COP29 must tear down the walls to climate finance,” Guterres insisted, emphasizing that “developing countries must not leave Baku empty-handed. A deal is a must.” Looking ahead, he urged for a “new finance goal that meets the moment” to ensure developing nations receive the support necessary to combat and adapt to climate impacts.