In the opening remarks of the World Leaders Climate Action Summit at COP29 in Baku, UN Secretary-General António Guterres warned that time is running out to prevent global temperatures from rising beyond 1.5 degrees Celsius. He highlighted that 2024 is likely to be the hottest year on record and stressed that no nation is immune from devastating climate effects like hurricanes and droughts, exacerbated by human-induced climate change. Guterres pointed out the “avoidable injustice” of the situation, where wealthy nations and individuals are responsible for most emissions, while poorer countries bear the brunt of the impacts.
Despite the grave circumstances, Guterres offered hope by noting progress made at COP28, where countries agreed to transition away from fossil fuels. He emphasized the importance of accelerating this shift, as solar and wind energy are now more cost-effective than fossil fuels. Guterres called for world leaders at COP29 to focus on three immediate priorities: sharply reducing emissions, increasing climate adaptation efforts, and dismantling barriers to climate finance. He urged nations to cut emissions by nine percent annually and meet financing needs, anticipated to reach $359 billion per year by 2030, to protect vulnerable communities.
Echoing this sentiment, UNFCCC Executive Secretary Simon Stiell warned that climate change is becoming a significant economic threat, with potential to cut up to five percent off GDPs. Stiell likened climate finance to global inflation insurance, urging leaders to avoid repeating past mistakes by ensuring comprehensive global climate finance goals. Both Guterres and Stiell stressed that committed climate action could foster economic growth, job creation, and healthier environments. Leaders were reminded that billions depend on decisive outcomes from COP29, without which the cost of inaction will escalate globally.
Original Story https://news.un.org/feed/view/en/story/2024/11/1156831
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