UN Secretary, General António Guterres, is sounding the alarm on climate change, urging countries to step up their contributions to the Loss and Damage Fund to support developing countries affected by climate change.
At COP29 in Baku, Azerbaijan, Guterres emphasized that climate disasters are devastating those who have contributed the least to the problem.
The world is getting hotter and more dangerous, with climate-related hazards on the rise, Guterres pointed out that the initial $700 million capitalization of the Loss and Damage Fund is woefully inadequate, equivalent to the annual earnings of the world’s 10 best-paid footballers. This amount doesn’t even cover a quarter of the damage caused by Hurricane Yagi in Vietnam last September.
The creation of the Loss and Damage Fund is a victory for developing countries, for multilateralism, and for justice. But its initial capitalization of $700 million doesn’t come close to righting the wrong inflicted on the vulnerable. $700 million is roughly the annual earnings of the world’s ten best-paid footballers. It does not even account for a quarter of the damage in Viet Nam caused by Hurricane Yagi in September. We must get serious about the level of finance required
Guterres is calling for new responses and innovative sources to meet the scale of need. This includes implementing solidarity levies on sectors like shipping, aviation, and fossil fuel extraction to fund climate action. He also stressed the need for a fair price on carbon and support for Multilateral Development Banks to increase their lending capacity.
Meanwhile, the UN refugee agency (UNHCR) has released a report highlighting the growing threat of climate change to displaced people worldwide. Climate change is driving displacement in regions already hosting large numbers of people uprooted by conflict and insecurity. The report found that three-quarters of the 120 million forcibly displaced people live in countries heavily impacted by rising emissions .