"I believe that COP29 must tear down the walls to climate finance. Developing countries must not leave Baku empty-handed," UN Secretary-General António Guterres said at the opening ceremony of the World Leaders Climate Action Summit at COP29 on November 12, APA reports.
He also spoke about the necessity of allocating financial resources that can meet the demands of the planet in the fight against climate change and emphasized the importance of ensuring five key elements for this purpose: "We need a new finance goal that meets the moment. Five elements are critical to success. First, a significant increase in concessional public finance. Second, a clear indication of how public finance will mobilise the trillions of dollars developing countries need. Third, tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction. Polluters must pay. Fourth, a framework for greater accessibility, transparency, and accountability – giving developing countries confidence that the money will materialise. Fifth, boosting lending capacity for bigger and bolder Multilateral Development Banks. This requires a major recapitalisation. And it requires reforms of their business models, including so that they can leverage far more private finance. The resources available may seem insufficient. But they can be multiplied with a meaningful change in how the multilateral system works. Big sums require big change. The COP29 outcome must build on the Pact for the Future – agreed by consensus in New York in September – and drive progress."
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