COP29: Guterres urges countries to ‘get serious’ on loss and damage funding
November 12, 2024
At the 29th Conference of the Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC), UN Secretary-General António Guterres has urged countries to “get serious” about providing funding for loss and damage caused by climate change.
“Loss and damage is not just a future threat, it is happening now, and it is having devastating consequences for people and communities around the world,” Guterres said in his opening address to the conference.
“We need to get serious about providing funding for loss and damage. This is a matter of justice and equity. It is also a matter of survival for many communities.”
Loss and damage refers to the negative impacts of climate change that cannot be avoided or adapted to, such as sea-level rise, extreme weather events, and ocean acidification. These impacts can have a devastating impact on communities, particularly in developing countries.
Guterres’ call for increased funding for loss and damage comes as the issue has become a major sticking point in negotiations at COP29. Developing countries have long argued that developed countries should provide financial support to help them cope with the impacts of climate change.
Developed countries have been reluctant to commit to providing new funding for loss and damage, arguing that it would be difficult to determine how much money is needed and who should pay for it.
However, Guterres argued that the cost of inaction on loss and damage would be far greater than the cost of providing funding.
“Failure to provide funding for loss and damage is not only morally reprehensible, but it is also economically short-sighted,” Guterres said. “The cost of inaction will be far greater than the cost of providing funding.”
Guterres also called on countries to take more ambitious action to reduce greenhouse gas emissions. He warned that the world is on track to exceed the Paris Agreement goal of limiting global warming to well below 2 degrees Celsius, and potentially even 1.5 degrees Celsius.
“We are at a critical juncture,” Guterres said. “We need to take bold action now to avoid the worst impacts of climate change.”
COP29 is being held in Sharm el-Sheikh, Egypt, from November 6-18. The conference is expected to focus on a number of key issues, including loss and damage, mitigation, and adaptation.
COP29: Guterres urges countries to ‘get serious’ on loss and damage funding
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