UN Secretary-General António Guterres, speaking at COP29 in Baku, highlighted that the initial $700 million for the Loss and Damage Fund—a victory for developing nations, multilateralism, and climate justice—equates to the annual earnings of the world’s ten highest-paid footballers. Yet, he said, “its initial capitalization of $700 million does not come close to righting the wrong inflicted on the vulnerable.”
Guterres emphasized that $700 million barely scratches the surface of damage, citing Hurricane Yagi’s recent devastation in Viet Nam. “We must get serious about the level of finance required,” he urged, adding that climate disasters “harm those who have done the least, the most.”
He criticized the ongoing profit and subsidies to the fossil fuel industry and demanded the G20 nations—responsible for 80% of global emissions—take decisive action. “The biggest emitters…must lead,” Guterres declared. “Small Island Developing States are showing what climate ambition looks like…the world must follow you.”
With the world experiencing record-breaking heat, Guterres called for “new finance” commitments to the Fund, urging nations to submit bold, economy-wide climate action plans by COP30 to keep the 1.5-degree target within reach.
