BAKU, Azerbaijan, November 11. Developed countries must provide at least $300 billion in annual climate finance by 2035 and set out concrete plans to at least triple adaptation finance by that date, UN Secretary-General António Guterres said at the Leaders’ Summit of the 31st session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP31) in Antalya.
According to him, climate finance must be adequate, affordable and readily available to enable developing countries to both reduce emissions and adapt to the consequences of climate change.
Guterres emphasized that emerging and developing economies outside China, which account for nearly two-thirds of the world's population, receive less than one-fifth of global clean energy investment. At the same time, most of these countries pay two to three times more to borrow.
"We cannot demand that countries transform their economies while denying them the means to do so," he said.
The UN Secretary-General also called for turning the $1.3 trillion climate finance goal into actual financial flows to developing countries.
He specifically highlighted the role of multilateral development banks, stressing the need to expand their lending and mobilize private investment.
"Multilateral development banks must go beyond their Baku commitment to provide $120 billion annually by 2030. Their shareholders must empower them to increase lending, mobilize more private investment and take greater risks," Guterres noted.
He also called on developed countries to accelerate domestic emissions reductions and deliver the financial and technological resources they have promised, while emerging economies must speed up their transition from fossil fuels to renewable energy.
According to the UN Secretary-General, adaptation to climate change must be another key priority. He described it as a matter of survival and called for ensuring that every person on Earth is covered by an early warning system and every community is protected against floods, droughts and rising sea levels.
Where adaptation reaches its limits, support for countries affected by climate-related loss and damage must be swift and accessible.
Guterres stressed that international climate policy must be guided by the principle of common but differentiated responsibilities, taking into account the different capacities and obligations of countries.
