Failure of Climate Finance Deal at Baku Conference ‘Not an Option’, Secretary-General Tells Group of 20 Leaders

Following are UN Secretary-General António Guterres’ remarks to a session on sustainable development and energy transition at the Group of 20 (G20) Summit, in Rio de Janeiro today:

I ask you please to take my words not as a briefing, but as a deeply felt appeal.  Our climate is at a breaking point.  Unless we limit global temperature rise to 1.5°C, spiralling disasters will devastate every economy.  Current policies would take us over 3°C.  That means catastrophe.

We must get on track for the 1.5°C limit with countries accelerating their near-term emissions cuts, so that we can reduce global emissions by 9 per cent every year this decade.

Unfortunately, right now, emissions are still rising.  So, we must speed up the just transition from fossil fuels to renewables.  They are now the cheapest source of new electricity virtually everywhere.  The end of the fossil fuel age is inevitable. Let’s make sure it does not come too late — and that it comes with justice.

Affected workers and communities must be supported, and economies must be diversified, to ensure jobs and prosperity.  The next round of national climate action plans is essential to putting the world on the right path.

The G20, as President Luiz Inácio Lula Da Silva said, is responsible for 80 per cent of global emissions.  So, we need you out front.

Last week, two of your members — Brazil and the United Kingdom — got us off to a good start with new nationally determined contribution announcements.  Every country’s new plans must align with 1.5°C — with unambiguous, absolute emissions reduction targets for 2030 and 2035.

Cover the whole economy, all sectors and all greenhouse gases. Contribute to global goals agreed at the twenty-eighth Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) to triple renewables capacity, double energy efficiency and halt deforestation — all by 2030.  And align fossil fuel production and consumption plans with 1.5°C.

All this must be achieved in line with the principle of common but differentiated responsibilities.  But, all countries must do more.  And developed countries must support emerging and developing economies. We must also take on climate disinformation.

As President Lula said, together with Brazil and the United Nations Educational, Scientific and Cultural Organization (UNESCO), the United Nations is launching the Global Initiative for Information Integrity on Climate Change.  We will work with researchers and partners to strengthen action against climate disinformation.

In relation to COP29, I ask you to instruct your ministers and negotiators to make sure they agree on a new ambitious climate finance goal this year.  Failure is not an option.

It might compromise the ambition in the preparation of the new national climate action plans, with potential devastating impacts as irreversible tipping points are getting closer.  The preservation of the Amazon is a case in point.

It would inevitably also make the success of COP30 in Brazil much more difficult.  We must succeed in Baku, build trust and incentivize the preparation of high-ambition national climate plans next year.

That goal, the financial goal, in its different layers, must meet the needs of developing countries, beginning with a significant increase in concessional public funds.  I welcome the recent announcement by multilateral development banks.

The success of COP29 is largely in your hands.  I appeal to the sense of responsibility of all the countries around this table to help ensure that COP29 will be a success.