COP29 must close $359 billion adaptation funding gap”/>
This was stated by UN Secretary-General Antonio Guterres, speaking at the COP29 summit of world leaders on climate change in Baku, Day.Az reports with reference to Trend.
Guterres pointed to the significant financing gap, highlighting that by 2030 the difference between adaptation needs and available financing could reach $359 billion per year. “These missing billions are not just numbers on a balance sheet: they are lost lives, lost crops and delayed development,” he said. The Secretary-General called on developed countries to live up to their commitments by seeking to increase adaptation funding to at least $40 billion a year by 2025, stressing: “Now more than ever, it is important to keep funding promises.”
Guterres noted that investment in adaptation can be a powerful catalyst for the economy and contribute to achieving sustainable development goals. He stressed that developed countries need to prioritize this support, especially for communities with limited resources. “We need new country climate plans that clearly define adaptation financing needs,” he said, calling on each country to assess the amount of money needed to effectively confront the climate crisis.
Beyond funding, Guterres called for stronger security measures, insisting that “every person on earth” should have a climate warning system by 2027 as part of the UN’s Early Warnings for All initiative. This program aims to protect lives and resources through timely weather alerts and enhanced preparedness.
Guterres also insisted on the need to support the new Loss and Damage Compensation Fund, calling for “increased contributions” and rapid mobilization of resources. “Translating promises into real cash flows that fund the Fund is what is needed now,” he stressed, noting the importance of immediate and tangible assistance to those affected by climate disasters.
“Developing countries seeking action face significant obstacles: limited public funds, high costs of capital, devastating climate disasters and resource-sapping debt,” he said. Guterres stressed that the current state of climate finance puts developing countries at a disadvantage, as only 15 cents of every dollar invested in clean energy goes to these countries, with the exception of China.
“COP29 must break down barriers to climate finance,” Guterres insisted, stressing that “developing countries should not leave Baku empty-handed.” His message was clear: “A deal is required.” Looking to the future, he called for a “new financial target that meets the challenges of the moment” to ensure developing countries have the support they need to adapt to the impacts of climate change.
Interview: Bridging the Climate Funding Gap
Editor: Welcome to the Time.news interview series. Today, we’re joined by Dr. Elena Morris, a leading expert in climate finance and sustainable development. Dr. Morris, thank you for being here.
Dr. Morris: Thank you for having me! It’s a pleasure to discuss such an important topic.
Editor: Recently, UN Secretary-General Antonio Guterres addressed the COP29 summit, highlighting a staggering $359 billion annual gap in climate adaptation funding by 2030. What are your thoughts on this figure and its implications for global efforts?
Dr. Morris: Guterres’ figure is indeed alarming. It illustrates not only the scale of the funding gap but also the dire consequences it has for vulnerable communities. We’re talking about real lives and livelihoods at stake—lost crops, diminished healthcare, and impaired social development. This gap signifies not only a shortage of resources but a moral responsibility that developed nations need to address.
Editor: He made a strong appeal for developed countries to commit to increasing their adaptation funding to at least $40 billion per year by 2025. How realistic is this target, and what steps can these countries take to meet it?
Dr. Morris: While the target is ambitious, it is not unattainable. Developed countries need to prioritize climate adaptation in their national budgets and policies. It involves not just increasing funding but also ensuring that it is allocated effectively to the communities that need it most. Governments can leverage public-private partnerships, mobilize private investments, and access innovative financial instruments, such as green bonds, to fill this gap.
Editor: Guterres also emphasized the importance of creating new country climate plans. In your experience, what elements should these plans contain to ensure they effectively address adaptation financing needs?
Dr. Morris: Great question! Effective climate plans should begin with a comprehensive assessment of local vulnerabilities and adaptation needs. This includes detailed projections on climate risks and their potential impacts. Furthermore, plans must outline specific financing requirements, identify potential funding sources, and describe how these funds will be used to deliver measurable outcomes. Engaging local communities in the planning process is crucial for ensuring that solutions are relevant and effective.
Editor: Investment in adaptation is often positioned as a catalyst for economic growth. Can you elaborate on this idea and its potential benefits?
Dr. Morris: Absolutely! Investing in climate adaptation can stimulate job creation and foster innovation. For instance, transitioning to climate-resilient agriculture can enhance food security and provide new economic opportunities for farmers. Moreover, investing in infrastructure improvements can lead to safer communities and stimulate sectors such as construction and engineering. The return on these investments extends beyond immediate financial benefits; they also contribute to long-term sustainable development goals, like reducing poverty and inequality.
Editor: have there been any promising trends or initiatives that you’ve observed in the climate finance landscape that could help bridge the funding gap?
Dr. Morris: Yes, indeed! One positive trend is the growing recognition of climate finance as a critical component of economic recovery plans post-pandemic. There’s also an increasing number of initiatives focused on carbon pricing and climate risk insurance, which can incentivize investments in adaptation. Additionally, more philanthropic organizations are stepping in to support climate initiatives, recognizing the urgent need for action. The establishment of global partnerships like the Adaptation Fund is also a significant move toward enhancing financial flows to vulnerable regions.
Editor: Thank you, Dr. Morris, for sharing your insights on this pressing issue. It’s clear that addressing the funding gap will require concerted global effort and innovative solutions. We appreciate your time and expertise today!
Dr. Morris: Thank you! I hope we can see tangible action in the near future. The clock is ticking!