Innovative financing solutions and levies on fossil fuel producers including shipping and aviation industries should be introduced to spur climate financing, according to UN Secretary-General António Guterres.
Addressing COP29 in Baku, Guterres said the multinational climate meeting must “tear down the walls of climate finance” and proposed levies on a “polluter must pay” basis and in the context that “big sums require big change”.
Presently developing countries face many obstacles including the rising cost of capital and debt servicing which soaks up funds.
Developing countries would need about $1.1trn in climate finance from 2025, rising to $1.8trn by 2030, according to the UN global policy model.
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