November 12, 2024
By Samuel Ogunsona
The United Nations, UN, Secretary-General, António Guterres, has emphasized the dire need for climate action and increased funding to support vulnerable nations, stressing that “the era of global warming has ended; the era of global boiling has arrived”.
The UN chief who made this remark at the ongoing 2024 Climate Change Conference or Conference of the Parties in Baku, emphasized on the need for Global North countries to speed up their response to the implemented loss and damage fund.
In his remarks at the launch event on Tuesday, Nov, 12, 2024, for the High-Level Dialogue on Complementarity and Coherence of Loss and Damage Funding Arrangements in Baku, Guterres praised the creation of the Loss and Damage Fund as a victory for developing countries, multilateralism, and justice.
However, he noted that the initial capitalization of $700 million falls short of addressing the scale of destruction.
He said, “The creation of the Loss and Damage Fund is a victory for developing countries, for multilateralism, and for justice.
“But its initial capitalization of $700 million doesn’t come close to righting the wrong inflicted on the vulnerable.
“$700 million is roughly the annual earnings of the world’s ten best-paid footballers.
“It does not even account for a quarter of the damage in Viet Nam caused by Hurricane Yagi in September.
“We must get serious about the level of finance required.
“I urge countries to commit new finance to the Fund. And to write checks to match.
“But bilateral flows alone won’t suffice.
“We need new responses, and new sources, to meet the scale of need.” He mentioned.
Antonio task countries on new finance goal to close the gap
“I urge countries to agree a new climate finance goal that taps innovative sources.
“We need to implement solidarity levies on sectors such as shipping, aviation, and fossil fuel extraction – to help fund climate action.
“We need a fair price on carbon.” He said.
Guterres emphasized that climate extremes demand urgent attention and collective action, urging Governments to deliver on their climate commitments.
He also stressed the importance of drastically cutting emissions, transitioning to renewable energy, and ensuring climate justice, particularly for developing countries devastated by disasters they did not cause.
Guterres has called on global leaders to lead the transition to renewables, regulate and legislate to end fossil fuel subsidies, and adopt a windfall tax on profits. He also emphasized the need for climate justice, urging developed countries to show how they will double adaptation finance to $40 billion a year by 2025 and clarify how they deliver on the $100 billion promised.
