Secretary General of the United Nations, António Guterres is calling for trillions more in climate financing for vulnerable countries, stressing that they have “every right to be angry” about the effects of climate change.

“The amount initially pledged is equivalent to the combined annual salaries of the 10 most well-paid footballers in the world. As I said, we must be serious about loss and damage. We need significant contributions flowing to the Loss and Damage Fund – so it can have a meaningful impact,” he said while speaking during the Leaders’ Summit of Small Island Developing States (SIDS) On Climate Change, at the Conference of the Parties (COP) 29.

The historic Loss and Damage Fund came into effect in 2023, during COP 28, and is supposed to help provide financing for countries in the face of climate change fuelled disasters.

Describing climate change as “a colossal injustice perpetrated by the few”, Guterres called for three key actions to benefit SIDS: adherence to the 1.5 degree goal, climate justice, and climate financing.

“We need a surge in funds for you to protect your people from climate impacts; which are growing in strength and frequency,” he maintained.
Guterres called on high income countries to adhere to the US$40 billion a year promise they made, while emphasising that it was still not enough.

“We need a new climate finance goal in COP29 that allows the mobilisation of the trillions of dollars of finance developing countries need – with a significant increase in concessional public funds made now,” he demanded, suggesting levies on aviation, shipping and fossil fuel extraction; all of which contribute to the greenhouse gasses that fuel climate change.

The UN head is now urging SIDS leaders to “use your moral authority to demand action.”

COP 29 is slated to run until November 22 in Baku, Azerbaijan.