BAKU, Azerbaijan, January 16. The COP29 agreement on finance must be implemented in full, said UN Secretary-General Antonio Guterres, Trend reports.
He made the remark as he addressed the General Assembly on his priorities for 2025.
"The United Nations will help mobilize support for just energy transitions. We will help drive the implementation of carbon pricing and the wind-down of fossil fuel subsidies.
And we will support the leadership of the COP29 and COP30 Presidencies to deliver a credible roadmap to mobilize $1.3 trillion a year as agreed, needed to support climate action in the developing world.
It is time to start implementing new and innovative sources of finance, including holding polluters accountable for the damage they have caused. Developed countries must make good on their promise to double adaptation finance to at least $40 billion a year this year," Guterres noted.
Meanwhile, the COP29 Presidency of Azerbaijan has unveiled the Baku Finance Goal (BFG), a landmark commitment to direct $1.3 trillion in climate finance annually to developing countries. Achieving this top priority of the UN Climate Summit marks a major step forward, significantly increasing the previous climate finance target of $100 billion and paving the way for a new era of global investment in climate action.