“We need agreement on an ambitious new climate finance goal in Baku,” said António Guterres, UN Secretary-General, as he addressed the press conference held in Baku on Thursday.

“A surge in finance is essential to ensure all parties can deliver new national plans aligned with 1.5 degrees – as they must, and to give every government the chance to reap the benefits of clean, cheap renewables and a just energy transition, simultaneously accelerating the reduction of emissions,” the UN chief noted.”

“Finance is not a hand-out. It’s an investment against the devastation that unchecked climate chaos will inflict on us all,” Guterres mentioned.

“Last week, multilateral development banks announced a significant boost in climate finance for low- and middle- income countries. This will reach $120 billion a year by 2030 with another $65 billion mobilised from the private sector. I urge every party to step-up, pick-up the pace, and deliver,” the UN chief emphasized.