At the COP29 Climate Summit in Baku, UN Secretary-General Antonio Guterres delivered a stark message to global leaders: immediate action is needed to cut emissions, protect communities from climate disasters, and ensure fair access to climate finance, or humanity will face severe repercussions. Labeling 2024 a “masterclass in climate destruction,” Guterres underscored that this year is on track to be the hottest on record, a fact echoed by intensifying hurricanes, wildfires, and climate-driven disruptions worldwide.
“The sound you hear is the ticking clock,” Guterres warned, emphasizing that the window to cap global warming at 1.5 degrees Celsius is rapidly closing. His remarks aimed to spur leaders attending the ministerial-level World Leaders Climate Action Summit, held as part of COP29, into concrete action. No country, Guterres highlighted, is immune to the impacts of climate change, from decimated food supplies to rising insurance costs, all of which disproportionately affect the world’s poorest nations.
Guterres also condemned the uneven nature of climate change impacts, pointing to the widening gap between those responsible for emissions and those bearing the brunt of climate damage. Citing an Oxfam report, he noted that the richest individuals emit more carbon in 90 minutes than most people produce in an entire lifetime. “The rich cause the problem, the poor pay the highest price,” he said, underscoring the inequity at the heart of the climate crisis.
However, despite the grim forecast, Guterres highlighted that there is “every reason to hope.” Reflecting on COP28 in the UAE, he noted progress, with countries committing to phase out fossil fuels and enhance climate adaptation measures. Guterres stressed that people worldwide, including scientists and young activists, demand stronger climate action a demand he urged leaders to heed. With solar and wind now the cheapest energy sources in most regions, the shift to clean energy has arrived. “Doubling down on fossil fuels is absurd,” he stated. “The clean energy revolution is here.”
To drive urgent progress, Guterres outlined three priority actions for COP29 participants:
- Aggressive Emission Reductions: He called for emergency emissions cuts, targeting a reduction of 9% annually through 2030. This, he noted, is essential to meet the 1.5-degree threshold set by the Paris Agreement.
- Increased Adaptation Funding: The Secretary-General urged leaders to bridge the growing gap in climate adaptation funding, expected to reach $359 billion annually by 2030. These funds, he noted, are not mere statistics but represent lives saved, crops protected, and continued development.
- Expanding Climate Finance: To support these goals, Guterres pushed for a new finance target with more concessional public funds, transparency, and accessibility, as well as innovative funding mechanisms that help mobilize trillions of dollars for developing countries.
“On climate finance, the world must pay up, or humanity will pay the price,” Guterres emphasized, stressing that climate finance is an investment, not charity. The stakes, he warned, extend beyond individual economies if left unchecked, climate costs could drive global inflation, increasing economic instability everywhere.
In a related success at COP29, nations agreed to establish new standards for a UN-administered carbon market. UN Climate Change Executive Secretary Simon Stiell described the carbon market progress as a “good start” after a decade of debate. These markets, he explained, will allow countries to accelerate emissions cuts through verified carbon credits, unlocking critical financial resources for developing nations.
Stiell echoed Guterres’s concerns about the economic toll of climate change, noting that climate impacts are already shaving up to 5% off GDP in vulnerable countries. “Worsening climate impacts will put inflation on steroids,” Stiell said, pointing out that unchecked climate costs pose a threat to global economic stability, similar to the lessons learned during the pandemic. In his view, “climate finance is global inflation insurance.”
Looking to the future, Stiell underscored that climate action offers a pathway to economic growth, with renewable energy promising healthier communities and more robust economies. He urged leaders to establish a comprehensive global climate finance goal, emphasizing that strong commitments from COP29 are crucial for global stability.
As the summit continues, Guterres and Stiell have issued a clarion call: leaders must rise above political posturing to find common ground on climate solutions. The world, they warned, cannot afford inaction.
