‘Climate at breaking point’ — Guterres asks G20 to adopt ambitious finance goal

Antonio Guterres, United Nations (UN) secretary-general, has urged G20 leaders to direct their ministers and negotiators to agree on a new ambitious climate finance goal.

Gutteres spoke on Tuesday during the sustainable development and energy transition session at the just-concluded G20 summit in Brazil.

The call comes as the 29th session of the UN climate change conference of parties (COP29) is underway in Baku, Azerbaijan.

The conference, which is dubbed the ‘finance COP,’ is expected to see parties agree on a new collective quantified goal (NCQG), with Africa calling for a $1.3 trillion finance flow.

While talks about new finance goals are stuck in gridlock, the Donald Trump re-election and speculations about the US’s second exit from the Paris Agreement have cast a shadow of doubt on the success of COP29.

Speaking on global temperature rise, the UN chief noted that unless the degree is limited to 1.5°C, spiralling disasters will devastate every economy.

Guterres appealed to nations to speed up just the transition from fossil fuels to renewables, noting that they are now the “cheapest source of new electricity”.

He added that climate is at a breaking point, stressing that the success of COP29 is largely in the hands of the G20 leaders.

“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,” Guterres said.

“The next round of national climate action plans is essential to putting the world on the right path.

“Last week, two of your members—Brazil and the United Kingdom—got us off to a good start with new NDC announcements.

“Every country’s new plans must align with 1.5-degrees—with unambiguous, absolute emissions reduction targets for 2030 and 2035.

“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.

“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.”