Finance not a hand-out, but investment against devastation, climate chaos, UN chief says

COP29 is now down to the wire, and an appetite for agreement is felt, UN Secretary General Antonio Guterres said, according to Report.

"Areas of convergence are coming into focus. But differences remain. We need a major push to get discussions over the finishing line," he said.

He noted that he has just returned from the G20 Summit in Rio, where COP29 was very much on the agenda.

"We need a major push to get discussions over the finishing line to deliver an ambitious and balanced package on all pending issues, with a new finance goal at its heart. Failure is not an option," he said, adding that it may jeopardize both near-term action, and ambition in the preparation of the new national climate action plans, with potential devastating impacts as irreversible tipping points are getting closer.

The UN chief said it would inevitably make the success of COP30 in Brazil more difficult.

"I repeat, what we need is clear: agreement on an ambitious new climate finance goal in Baku. Through its different components, that goal must mobilise the finance developing countries need. A surge in finance is essential To ensure all parties can deliver new national plans aligned with 1.5 degrees to give every government the chance to reap the benefits of clean, cheap renewables and a just energy transition, simultaneously accelerating the reduction of emissions," he said.

According to Guterres, international cooperation – centred on the Paris Agreement – is indispensable to climate action.

"Amidst geopolitical divisions and uncertainties, the world needs countries to come together," he said.

The UN chief appealed to ministers and negotiators: "Soften hard lines. Navigate a path through your differences. And keep your eyes on the bigger picture."

"Finance is not a hand-out... It's an investment against the devastation that unchecked climate chaos will inflict on us all. It's a downpayment on a safer, more prosperous future for every nation on Earth," he said.