World Leaders Urged to Act Fast on Climate Finance at COP29

At the COP29 summit, UN Secretary-General Antonio Guterres urged world leaders to raise substantial funds for climate action, emphasizing the urgency of limiting temperature rise. Despite key leaders' absence, global attention remains on negotiating substantial climate finance, given the record-breaking heat and extreme environmental events.

During the COP29 summit, held this Tuesday in Baku, UN Secretary-General Antonio Guterres issued a stern call to world leaders, urging them to "pay up" to avert the catastrophic impacts of climate change. The summit comes at a crucial time, as nearly 200 nations push for hundreds of billions in financing to transition to cleaner energy sources and curb carbon emissions.

Notably absent from the event were key figures such as U.S. President Joe Biden and European Commission President Ursula von der Leyen, owing to political obligations. Meanwhile, Guterres highlighted the urgency of climate finance, stating that "the world must pay up, or humanity will pay the price." With COP29 marking a critical juncture for climate action, the absence of top leaders may impact the negotiations.

This year's summit has coincided with alarming environmental phenomena, including unparalleled U.S. wildfires and historic floods in Spain. The overarching goal remains reaching a consensus on securing up to $1 trillion annually for developing nations by establishing a global carbon market. The summit seeks to energize all countries to tackle the fast-approaching threat of climate-fueled economic turmoil.

(With inputs from agencies.)