Climate finance is not charity. It’s an investment.

We are in the final countdown to limit global temperature rise to 1.5 degrees Celsius—and time is not on our side.

2024 saw the hottest day on record, the hottest months on record, and is almost certain to be the hottest year on record.

And it has been a masterclass in climate destruction: families running for their lives before the next hurricane strikes; biodiversity destroyed in sweltering seas; workers and pilgrims collapsing in insufferable heat; floods tearing through communities; children going to bed hungry as droughts ravage crops.

All these disasters are being supercharged by human-made climate change. No country is spared.

In our global economy, supply chain shocks raise costs everywhere. Decimated harvests push up food prices everywhere. Destroyed homes increase insurance premiums everywhere.

But there is every reason to hope:

At the COP28 climate conference last year, governments agreed to move away from fossil fuels, to accelerate net zero energy systems, to boost climate adaptation, and to align the next round of economy-wide national climate plans with the 1.5 degree limit.

It’s time to deliver.

And the economic imperative is clearer and more compelling – with every renewables roll out, every innovation, and every price drop.

Last year – for the first time – the amount invested in grids and renewables overtook the amount spent on fossil fuels. Almost everywhere, solar and wind are the cheapest source of new electricity.

Doubling down on fossil fuels is absurd. The clean energy revolution is here. No group, no business, and no government can stop it.

This year, leaders at COP29 can and must ensure the transition is fair and fast enough to limit global temperature rise to 1.5 degrees Celsius.

All countries must do their part, but the G20 must lead. They are the largest emitters, with the greatest capacities and responsibilities.

They must bring their technological know-how together – with developed countries supporting emerging economies.

Every nation must have the tools and resources for climate action. And the United Nations will support that effort every step of the way.

COP29 must tear down the walls to climate finance. We need a new finance goal that meets the moment.

Five elements are critical to success.

First, a significant increase in concessional public finance.

Second, a clear indication of how public finance will mobilise the trillions of dollars developing countries need.

Third, tapping innovative sources, particularly levies on shipping, aviation, and fossil fuel extraction. Polluters must pay.

Fourth, a framework for greater accessibility, transparency, and accountability – giving developing countries confidence that the money will materialise.

Fifth, boosting lending capacity for bigger and bolder Multilateral Development Banks. This requires a major recapitalisation. It also requires reforms of their business models, including so that they can leverage far more private finance.

The resources available may seem insufficient. But they can be multiplied with a meaningful change in how the multilateral system works.

Big sums require big change.

There is no time to lose.

On climate finance, the world must pay up, or humanity will pay the price.

Climate finance is not charity, it’s an investment.

Climate action is not optional, it’s imperative.

Both are indispensable: to a liveable world for all humanity, and a prosperous future for every nation on Earth.