Mr. Guterres made the call in comments to a high-level dialogue on loss and damage financing during the UN climate change conference COP29 in Baku, Azerbaijan.

“In an era of extreme weather, loss and damage financing is imperative,” he said. “I urge governments to comply. In the name of justice.”

Most vulnerable affected

The world is getting hotter and more dangerous, which is “not up for debate,” and “climate disasters are piling up, harming those who have done the least, those who have done the most,” he said.

“Meanwhile, those who contribute most to the destruction – particularly the fossil fuel industry – continue to reap huge profits and subsidies,” he added.

Mr. Guterres described the creation of the Loss and damage fund as “a victory for developing countries, for multilateralism and for justice”, but He stressed that its initial capitalization of $700 million “does not come close to correcting the damage inflicted on the vulnerable.”

Star footballers are better funded

In fact, this figure represents approximately the annual income of the 10 highest-paid footballers in the world, he claimed, and does not even represent a quarter of the damage caused in Vietnam by Hurricane Yagi in September.

“We must take seriously the level of funding needed,” he said. “I urge countries to commit new funds to the Fund. And write checks to match.”

Since “bilateral flows alone will not be enough,” he called for new responses and new sources to meet the magnitude of the needs.

Liens and loans

In this sense, he urged countries to agree on a new climate financing goal that takes advantage of innovative resources.

“We need to implement solidarity taxes in sectors such as shipping, aviation and fossil fuel extraction, to help finance climate action. “We need a fair price for carbon,” the UN chief said.

“And more broadly, we also need to support multilateral development banks to increase lending capacity so they are in a position to respond to the climate crisis.”

Filippo Grandi, United Nations High Commissioner for Refugees, at the UN climate conference (COP29) in Baku, Azerbaijan.

Climate change is “a harsh reality” for the world’s displaced people

In a new report presented at COP29 on Tuesday, the UN refugee agency (UNHCR) said climate change has become a growing threat to people already fleeing war, violence and persecution.

There is no escape: on the frontlines of climate, conflict and displacement Calls on governments to take stronger action to reduce greenhouse gas emissions that cause global warming and climate change.

The agency’s first report on the impact of climate change found that of the more than 120 million people forcibly displaced worldwide, three-quarters live in countries hit hard by rising emissions.

Half are in places affected by both conflict and severe climate hazards, such as Ethiopia, Haiti, Myanmar, Somalia, Sudan and Syria.

“There is no safe place to go”

Additionally, the number of countries facing extreme climate-related hazards is expected to increase from three to 65 by 2040, with the vast majority hosting displaced people.

Similarly, most settlements and refugee camps are on track to experience double the number of dangerously hot days by mid-century.

United Nations High Commissioner for Refugees Filippo Grandi said climate change is “a harsh reality” that deeply affects the lives of the world’s most vulnerable people.

“The climate crisis is causing displacement in regions that already host large numbers of people uprooted by conflict and insecurity, aggravating their situation and leaving them with nowhere safe to go,” he added.

At COP29, UNHCR calls for increased climate finance to reach those most in need.

The agency also urges States to protect forcibly displaced people who face the additional threat of climate disasters, and to give them and their host communities a voice in financial and policy decisions.