Guterres called for the implementation of agreements adopted at the conclusion of COP29 in Baku

UN Secretary-General António Guterres called for the implementation of agreements adopted at the COP29 climate conference in Baku in November 2024.

As reported by BAKU.WS with reference to Report, Guterres made this statement while speaking at the COP31 leaders' summit.

"Developed countries must take the lead in securing financing of at least $300 billion per year by 2035 and present concrete plans with clear interim benchmarks to at least triple adaptation financing by that deadline," Guterres noted.

According to him, financing must be sufficient, affordable, and delivered promptly. At the same time, the goal of mobilizing $1.3 trillion must translate into real financial flows reaching developing countries.

"To achieve this, every source of financing must contribute. Multilateral development banks must exceed the commitment they made in Baku (at COP29) to provide $120 billion per year by 2030," he said.

He also called on the shareholders of these banks to expand opportunities for increasing lending, attracting private investment, taking on greater risks, and applying innovative financial instruments, taking into account the needs of vulnerable developing countries.

In addition, the UN Secretary-General emphasized the need for substantial replenishment of the Green Climate Fund and the Loss and Damage Response Fund.

Guterres also called for increased funding of the Loss and Damage Response Fund from major corporations.

"Those who reap the greatest profits from fossil fuels must help pay for the damage they cause. In the last quarter alone, the nine largest oil companies earned $95 billion in profits. Meanwhile, the Loss and Damage Response Fund has received about $600 million. That is roughly what these companies earned in about 14 hours," the Secretary-General stated.

He also believes that governments should impose a windfall profits tax and direct the proceeds toward helping vulnerable countries recover.

"Polluters must pay," he added.

As a reminder, one of the main outcomes of the UN COP29 climate summit in Baku in November 2024 was the adoption of a new climate finance agreement, under which developed countries committed to allocating at least $300 billion annually by 2035.