Key financial results essential for COP29, says UN Secretary General

UN Secretary-General Antonio Guterres emphasized the urgency of achieving significant financial outcomes at COP29 during a meeting in the "SCO+" format in Astana, Azernews reports.

"We urgently need greater ambition to reduce emissions and achieve climate justice, starting with the largest developed countries and mobilizing all others. Governments worldwide must commit to new financial pledges by next year. These commitments are crucial for limiting global warming to 1.5 degrees Celsius, including absolute emission reduction targets for 2030 and 2035," he stressed.

Guterres highlighted specific targets, including ending deforestation by 2030, tripling renewable energy capacity, and cutting global fossil fuel consumption by at least 30%.

"I expect all countries to phase out coal entirely by 2040. Financial support is critical, integral to climate action, and essential for tackling inequality. This year, COP29 needs robust financial outcomes, alongside decisive actions from multilateral development banks to enhance lending capacities and transform their business models to attract more private capital for climate change efforts," added the UN Secretary-General.

Guterres also emphasized the need to implement carbon pricing and tax windfall profits from fossil fuel companies as crucial steps forward.