Displaying items by tag: more finance needed

On the second day of COP29 in Baku, UN secretary-general Antonio Guterres called on industrialised nations to fulfil their commitments in financing climate adaptation, emphasising the importance of doubling funds to $40 billion annually by 2025 and contributing meaningfully to the new Loss and Damage fund. Highlighting the gap between pledges and actual needs, he warned that unfulfilled promises equate to lost lives and hindered development. Although international adaptation finance to developing nations rose to $28 billion in 2022, the Glasgow Climate Pact target will only marginally reduce a $187 to 359 billion yearly adaptation gap. Africa, particularly vulnerable to climate impacts, sees minimal benefit from renewable energy growth, representing only 0.5% of global deployment last year. African leaders have stressed the urgent need for innovative funding to drive green industries, create jobs, and bolster resilience. With climate impacts consuming up to 9% of African budgets, equitable financing is critical to building sustainable economies and empowering youth.