The top UN official said he could hear the clock ticking. There is not much time left to limit global temperature rise to 1.5°C. And time is not on our side.
The UN’s annual climate conference (COP29) is being held in Azerbaijan’s capital, Baku, from November 11-22, with a summit of world leaders on climate action opening on Tuesday.
Secretary-General Guterres has expressed concern that it is almost certain that 2024 will prove to be the hottest year on record.
According to him, no country is immune from climate destruction. From hurricanes to boiling seas, drought-ravaged crops, and human-caused climate change, the crisis is deepening.
‘Injustice must be avoided’
In the global economy, disruptions in supply chains drive up prices. Crop failures can push food prices to new highs and destroyed homes can make insurance premiums expensive.
The UN Secretary-General said it was a story of injustice that could have been avoided. “Problems are caused by the rich, but the poor pay the greatest price for them.”
Referring to a study by an organization named Oxfam, he said, the same amount of carbon emitted by an ordinary person in his whole life, the billionaire class is responsible for the same amount of carbon emission in one and a half hours.
“If emissions are not reduced and adaptation is not increased, every economy will suffer in a big way.”
ray of hope
The general secretary said, there is reason to be optimistic. In this context, he referred to the concrete steps taken during the COP28 conference in the United Arab Emirates, when all countries agreed to phase out fossil fuel use, accelerate net zero energy systems and set targets.
At the same time, limiting the temperature rise to 1.5°C will require strengthening climate adaptation and national climate action plans.
“It is time to fulfill this promise.”
The UN chief said that for the first time in 2023, investment in renewable energy and grids will exceed investment in fossil fuels. Solar and wind power are the cheapest sources of electricity in every region.
Antonio Guterres emphasized that the emphasis on fossil fuels is unjustified. “The clean energy revolution is here. No group, no business and no government can stop it. “But you have to make sure it’s fair, and happens fast enough to limit global temperature rise to 1.5 degrees Celsius.”
Three important priorities
The UN chief said that developing countries must not return from Baku empty-handed and that it is important to focus on three areas in particular:
- Urgent steps must be taken to reduce emissions. Emissions must be reduced by 9 percent per year and 43 percent by 2030 compared to 2019 levels. This is the clearest way to limit global temperature rise to 1.5°C.
- More must be done to protect people from the devastation caused by the climate crisis. There is a huge gap between climate change adaptation needs and the availability of existing financial resources, which could reach $359 billion by 2030. This shortfall is affecting people’s lives, crops and development and therefore increasing the level of climate finance is essential.
- A new target for financing needs to be agreed, including increasing public financing at concessional rates and increasing the lending capacity of multilateral development banks. It needs to be clear how public financial resources will be used to help developing countries. It will be important to create a framework for transparency and accountability in this process.
The UN Secretary-General said the world must take action on the issue of climate finance, or humanity will pay the price.
He called on world leaders to guide their governments on this path with one clear truth: “Climate finance is not altruism. It’s an investment. Climate action is not optional. It is mandatory.”
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