The UN Secretary-General, Antonio Guterres, has called on world leaders at the 29th Conference of Parties (COP29) underway in Azerbaijan to commit to new climate finance goals that meet the demands of the moment.

He said the new financing regime must have a significant increase in concessional public finance; a clear indication of how those public funds would mobilise the trillions of dollars developing countries needed; tapping innovative sources, particularly levies on shipping, aviation and fossil fuel extraction based on the principle that polluters must pay.

Again, he said the new financing regime must contain a framework for greater accessibility, transparency and accountability - "giving developing countries confidence that the money will materialise."

Addressing the Global Climate Leaders Summit at the ongoing COP29 on Tuesday, he stressed that "now more than ever, finance promises must be kept; developed countries must race the clock to double adaptation finance to at least $40 billion a year by 2025."

He added that the world must pay for climate action or humanity would pay the price.

"Climate finance is not charity, it is an investment; climate action is not optional, it is an imperative; both are indispensable: to a liveable world for all humanity," he said.

Mr Guterres added that "COP29 must tear down the walls of climate finance" and ensure that "developing countries do not leave Baku empty-handed."

"A deal is a must and I am confident it will be reached," he said.

Action now

The UN Secretary-General said  the time had come for developed countries to keep their financial commitments to developing countries that were facing injustices for crimes they did not commit.

"The rich cause the problem, the poor pay the highest price, and this cannot be justice," he said.

At COP28, parties agreed to move away from fossil fuels; accelerate net zero energy systems, setting milestones to get there; boost climate adaptation; and to align the next round of economy-wide national climate plans or the nationally determined contributions (NDCs) – with the 1.5-degree limit.

Mr Guterres said those pledges must be kept to ensure that the needed interventions were taken to adapt to and mitigate the impact of climate change.

He also said efforts must be made to advance global goals to triple renewables capacity, double energy efficiency, and halt deforestation by 2030.

"To slash global fossil fuel production and consumption to thirty per cent by the same date," he added.

Collective fight

For his part, the UNFCCC Executive Secretary, Simon Stiell, said the worsening climate crisis was a call on countries and power blocs to shelve parochial interests and power-play and agree on measures that would help stem the tide.

He stressed that the time had come to stop "the hand-wringing and get on with the job" because the billions of people back home could not afford for their governments and leaders to leave COP29 without a global climate finance goal.

"So, for leaders here and back in capitals, make it clear that you expect a strong set of outcomes. Tell your negotiators to skip the posturing and move directly to finding common ground," he stressed.

Mr Stiell added that excruciating as the climate crisis was on humanity, there was no point for leaders of countries to throw their hands in despair, as that was more costly.

He stressed that international cooperation was the only way humanity could survive global warming and other excesses of climate change. ??

Mr Stiell said the notion that climate action was mostly about saving future generations was no longer the issue as the impact of the crisis was biting now than expected.

"The climate crisis is fast becoming an economy-killer. Climate impacts are carving up to five per cent off gross domestic product (GDP) in many countries.

"The climate crisis is a cost-of-living crisis because climate disasters are driving up costs for households and businesses," he said.

He added that on the economic front, worsening climate impacts would put inflation on steroids unless every country could take bolder climate action.

Mr Stiell said the adoption of cheap, clean energy could be the bedrock of national economies. 

"It means more jobs, more growth, less pollution choking cities, healthier citizens and stronger businesses," he said.