COP29 must close $359 billion adaptation funding gap

by times news cr

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!

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