UN Secretary-General Antonio Guterres has called for the implementation of agreements reached at the COP29 climate conference held in Baku in November 2024.
“Operative Information Center-OMM” reports that Guterres made the remarks while addressing the COP31 Leaders’ Summit.
“Developed countries must take the lead in providing at least $300 billion in climate finance annually by 2035 and present concrete plans with clear interim targets to at least triple adaptation finance by then,” he said.
According to Guterres, funding must be adequate and delivered promptly. At the same time, the target of mobilizing $1.3 trillion must translate into actual financial flows to developing countries.
“Every source of finance must contribute to this effort. Multilateral development banks must go beyond the commitment made in Baku at COP29 to provide $120 billion annually by 2030,” he said.
He also urged the banks’ shareholders to expand their capacity to increase lending, attract private investment, take on greater risks and use innovative financial instruments, while taking into account the needs of vulnerable developing countries.
In addition, the UN secretary-general stressed the need to significantly increase funding for the Green Climate Fund and the Fund for Responding to Loss and Damage.
One of the key outcomes of the UN COP29 climate summit held in Baku in November 2024 was the adoption of a new climate finance agreement. Under the agreement, developed countries committed to providing at least $300 billion annually by 2035.
