Guterres urges implementation of agreements reached at COP29 in Baku

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

According to Report's correspondent in Antalya, at the COP31 Leaders' Summit in Antalya, the UN chief said developed countries should take the lead in providing at least $300 billion annually by 2035 and submit concrete plans with clear interim targets to at least triple adaptation finance by that year.

Guterres stressed that climate finance should be adequate, affordable and delivered promptly. He added that the goal of mobilising $1.3 trillion should translate into actual financial flows reaching developing countries.

The UN chief said all sources of finance should contribute to this effort and that multilateral development banks should exceed their COP29 commitment to provide $120 billion annually by 2030.

He also urged the shareholders of these banks to expand their lending capacity, mobilise private investment, take on greater risks and introduce innovative financial instruments tailored to the needs of vulnerable developing countries.

Guterres further emphasised the need for substantial replenishment of the Green Climate Fund and the Fund for Responding to Loss and Damage.

One of the key 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 pledged to provide at least $300 billion annually by 2035.