In April, the G7 launched the Adaptation Accelerator Hub. By COP29, this initiative must be translated into concrete action — to support developing countries in creating adaptation investment plans, and putting them into practice. And I urge all countries to set out their adaptation and investment needs clearly in their new national climate plans.

But change on the ground depends on money on the table. For every dollar needed to adapt to extreme weather, only about five cents is available. As a first step, all developed countries must honor their commitment to double adaptation finance to at least $40 billion a year by 2025. And they must set out a clear plan to close the adaptation finance gap by COP29 in November.

But we also need more fundamental reform. That leads me onto my third point: finance.

If money makes the world go round, today’s unequal financial flows are sending us spinning towards disaster.

The global financial system must be part of the climate solution. Eye-watering debt repayments are drying up funds for climate action. Extortion-level capital costs are putting renewables virtually out of reach for most developing and emerging economies.

Astoundingly — and despite the renewables boom of recent years — clean energy investments in developing and emerging economies outside of China have been stuck at the same levels since 2015.

Last year, just 15 percent of new clean energy investment went to emerging markets and developing economies outside China — countries representing nearly two-thirds of the world’s population.

And Africa was home to less than one percent of last year’s renewables installations, despite its wealth of natural resources and vast renewables potential.

The International Energy Agency reports that clean energy investments in developing and emerging economies beyond China need to reach up to $1.7 trillion a year by the early 2030s. In short, we need a massive expansion of affordable public and private finance to fuel ambitious new climate plans and deliver clean, affordable energy for all.

This September’s Summit of the Future is an opportunity to push reform of the international financial architecture and action on debt. I urge countries to take it. And I urge the G7 and G20 Summits to commit to using their influence within Multilateral Development Banks to make them better, bigger and bolder. And able to leverage far more private finance at reasonable cost.

Countries must make significant contributions to the new Loss and Damage Fund. And ensure that it is open for business by COP29.

And they must come together to secure a strong finance outcome from COP this year — one that builds trust and confidence, catalyzes the trillions needed, and generates momentum for reform of the international financial architecture.

But none of this will be enough without new, innovative sources of funds. It is [high] time to put an effective price on carbon and tax the windfall profits of fossil fuel companies.

By COP29, we need early movers to go from exploring to implementing solidarity levies on sectors such as shipping, aviation, and fossil fuel extraction — to help fund climate action. These should be scalable, fair and easy to collect and administer.

None of this is charity. It is enlightened self-interest. Climate finance is not a favor. It is fundamental element to a livable future for all.

(Excerpts of United Nations Secretary-General Antonio Guterres’ special address on climate action “A Moment of Truth” on 5 June 2024.)