UN Secretary-General, Antonio Guterres, has called for a strong financial outcome from COP29, the global climate conference to be held in Baku, Azerbaijan, in November 2024, highlighting the critical role of finance in support of climate action.
He announced at the Shanghai Cooperation Organisation (SCO) meeting in Astana, Kazakhstan, on Thursday, July 4, 2024.
The secretary-general stressed the need to increase the lending capacity of Multilateral Development Banks and attract more private capital for climate initiatives.
Developed countries should also double their financing for climate adaptation and fulfill their commitments, including substantial contributions to the new Loss and Damage Fund, the UN chief said.
To support these efforts, the Secretary-General advocated for innovative financial mechanisms, including carbon pricing and taxes on the windfall profits of fossil fuel companies. He called for early adopters to implement solidarity levies on sectors such as shipping, aviation, and fossil fuel extraction by COP29.
Meanwhile, the President of Azerbaijan, Ilham Aliyev, has invited the leaders of the Shanghai Cooperation Organisation (SCO) member countries to the COP29 to be held in Baku in November.
“We will continue our work with the SCO on the preparation for the COP29 – the world’s largest international conference. I have already sent official invitations to the leaders of the SCO member states and hope to see my colleagues this November in Baku,” Aliyev said as he addressed the SCO Plus meeting held in Astana.
In a related development, COP29 President-designate, Mukhtar Babayev, has met with representatives of the African Union, United Nations Economic Commission for Africa (UNECA), and the African Development Bank Group (AfDB).
Special Climate Envoy for Kenya, Ali Mohamed, who disclosed on X social media, stated: “Joined the African Union, UNECA, and AfDB Group in meetings with the incoming COP29 President and his team. We discussed key priorities for Africa ahead of COP29 in Baku which include enhancing adaptation finance, financial reforms amidst the debt stress situation for most nations, and addressing the continent’s special circumstances.”
He added: “With the COPs of the three Rio Conventions taking place this year, 2024 presents a unique opportunity to structure and accelerate systemic engagement, advancing Africa’s unique needs and priorities in a harmonized manner to drive joint and transformative action.”
Babayev also met with the Forest Economy Minister of the Republic of Congo, Rosalie Matondo.
“COP29 Presidency held a valuable bilateral discussion with Dr. Rosalie Matondo, the Republic of the Congo’s Minister of Forest Economy. We are working together to deliver Climate Finance reform at COP29 that will enable action on Afforestation and Reforestation projects,” reads a post on COP29’s X page.