At the opening of the COP29 World Leaders’ Climate Action Summit in Baku, UN Secretary-General António Guterres delivered an urgent message: the world is on a final countdown to keep global warming below 1.5 degrees Celsius. Stressing that “time is not on our side,” Guterres highlighted the extreme climate impacts witnessed in 2024, from record heatwaves to devastating floods and hurricanes. His address called on world leaders to accelerate climate action, cut emissions, enhance adaptation efforts, and secure climate justice through robust financing. Here are the critical takeaways from his speech:

Urgency of Immediate Emissions Reductions
Guterres emphasized that the only way to limit global warming to 1.5 degrees is through rapid and consistent cuts in greenhouse gas emissions. He called for a 43% reduction from 2019 levels by 2030, requiring an average decrease of 9% each year. He stressed that this would demand comprehensive and ambitious new climate plans, covering all economic sectors and targeting a reduction in fossil fuel production by 30% by the end of the decade.

Transition to Renewable Energy
The Secretary-General painted a clear picture: doubling down on fossil fuels is no longer viable. In 2023, investment in renewables and grid infrastructure surpassed fossil fuel spending for the first time. Guterres noted that renewable energy sources like solar and wind are now the most affordable new electricity sources in most areas. He urged countries to accelerate the clean energy revolution, making it fair and fast enough to keep warming under 1.5 degrees.

Global Responsibility and Leadership of the G20
With the largest economies in the G20 contributing most of the world’s emissions, Guterres demanded they take the lead in cutting emissions, sharing technology, and financially supporting emerging economies. He underscored the need for collaboration between developed and developing nations to ensure all countries can act effectively on climate initiatives.

Increased Investment in Adaptation and Climate Resilience
Guterres pointed to the tragic reality that those least responsible for climate change are paying the highest price. With adaptation needs outpacing available finance, he called for developed nations to fulfill their commitments to double adaptation finance by 2025. He also urged countries to address adaptation financing within their new climate plans and support the UN’s goal to provide early warning systems to all people by 2027.

Enhanced Support for the Loss and Damage Fund
Recognizing the profound losses already being felt, especially in vulnerable nations, Guterres called for increased contributions to the newly established Loss and Damage Fund. He pressed for pledges to turn into concrete financial support, underlining the Fund’s role in delivering climate justice.

Reforming Global Climate Finance Systems
One of the most powerful sections of Guterres’ address focused on the need to overhaul international financial structures to make climate funding more accessible. He outlined a five-part framework to unlock climate finance, which includes:
- A significant boost in concessional finance;
- Leveraging public finance to catalyze private investments;
- Exploring innovative funding sources, such as levies on carbon-heavy industries like shipping and aviation;
- Improving transparency and accountability for climate finance commitments;
- Enhancing the capacity of Multilateral Development Banks (MDBs) through major recapitalization and reforms.

He urged the major shareholders of MDBs to push for these transformative changes, noting that current systems lack the needed funding and action.

The Economic Imperative for Climate Action
Guterres framed climate finance not as charity but as a crucial investment in global stability and prosperity. He warned that without proper funding, every nation—rich or poor—would bear severe economic consequences as climate impacts escalate. He emphasized that climate action is imperative for both survival and economic resilience.

In closing, Guterres reminded leaders that the world’s eyes are on them, urging every nation to honour its climate commitments and take bold steps. “The clock is ticking,” he said, underscoring the pressing need to act decisively to avoid the catastrophic effects of unchecked climate change. The Secretary-General’s message at COP29 was one of both urgency and hope. While the climate crisis presents formidable challenges, Guterres highlighted the potential for transformation through international cooperation, innovation, and investment in a sustainable future. His speech called on the world’s wealthiest and most powerful nations to lead the way, ensuring a livable and prosperous world for all.