Ban Ki-Moon Calls for Climate Finance Breakthrough at COP 29 Conference

Former United Nations Secretary-General Ban Ki-moon emphasized the urgent need for increased climate finance at the upcoming U.N. Climate Change Conference (COP 29) in Baku, Azerbaijan. During his speech at the Boao Forum for Asia Riyadh Conference, he highlighted that global climate financing must expand by three to six times by 2030 to meet international climate targets, referencing data from a report by the Intergovernmental Panel on Climate Change [para. 1][para. 2].

The Riyadh Conference serves as a continuation of discussions from COP28 held in Dubai, where nearly 200 countries agreed on moving away from fossil fuels. The forthcoming conference will specifically address financial strategies for supporting the clean energy transition [para. 3].

Ban stressed the critical role of the energy sector, which is responsible for nearly three-quarters of global carbon emissions, in achieving these climate goals. He called for a comprehensive transformation in how energy is produced, transferred, and consumed to reach net zero emissions by 2050 [para. 4].

He also pointed out the severe risks posed by the climate crisis, such as food security threats, droughts, and pollution. These challenges could render many cities uninhabitable by the century's end according to some studies and reports like those from the World Economic Forum [para. 5].

In his address, Ban praised several oil and gas-rich nations including Saudi Arabia, UAE, and Azerbaijan for leading efforts in energy transition. Specifically, he lauded Saudi Arabia’s “Vision 2030” initiative which aims to diversify its economy and reduce oil dependency by aiming for 50% of its energy to come from renewable sources by 2030 [para. 6].

This summary was based on contributions including translation assistance from Kelly Wang [para. 7].