UN Chief Calls for $1.3 Trillion Annual Climate Finance by 2035

UN Secretary-General Antonio Guterres has urged wealthy nations to allocate $1.3 trillion annually by 2035 to fund the energy transition in developing countries, emphasizing the critical need for "climate justice." This significant demand was made in a speech delivered just ahead of the UN Climate Change Conference COP30, scheduled to commence next week in Belém, Brazil.

The call for "climate justice" underscores the principle that nations historically most responsible for climate change should support developing countries, which disproportionately suffer its impacts. This involves providing financial and technological assistance to help these vulnerable nations adapt to a changing climate and transition to sustainable energy sources.

The $1.3 trillion figure represents a comprehensive target for all public and private entities to scale up climate finance. This broader ambition was established at the COP29 summit in Baku, Azerbaijan, last year. However, during the same conference, developed nations specifically committed to a New Collective Quantified Goal (NCQG) of at least $300 billion per year by 2035 for climate action in developing countries.

Despite the $300 billion commitment, a substantial gap persists between current financial provisions and the actual needs of developing nations. Estimates indicate that developing countries require between $310 billion and $365 billion annually by 2035 for adaptation measures alone. The overall financial requirement for climate action, including mitigation and addressing loss and damage, could reach up to $2.5 trillion per year by 2030 for emerging markets and developing economies, excluding China.

The upcoming COP30 will take place from November 10 to 21, 2025, in Belém, Brazil, with a Leaders Summit preceding the main conference on November 6 and 7. This conference is poised to be a pivotal forum for global leaders to address these financial disparities and establish concrete plans to limit global temperature increases to 1.5°C, with its Amazonian location highlighting the urgency of forest conservation and climate solutions.