DUBAI, UAE – The developed countries of the world are being called upon to double climate adaptation financing to $40 billion a year by 2025, so the goals on emissions reduction set forth at the COP28 can be successfully delivered.

As emphasized by United Nations Secretary General Antonio Guterres, “developed countries must show how they will double adaptation finance to $40 billion a year by 2025 – as promised – and clarify how they deliver on the $100 billion – as promised.”

He stressed that the COP28 Global Stocktake “must commit to a surge in finance, including for adaptation and loss and damage.”

It is worth noting that the key targets laid down at COP28 include tripling of investments in the renewable energy space; doubling capital inflow into energy efficiency ventures; as well as for the governments to set definitive timeline on the phaseout of fossil fuels in their energy mix – primarily for coal-fired power generation.

Relative to the goals laid down at COP28, Guterres similarly sounded off the need to “support reform of the multilateral development banks to leverage far more private finance at reasonable costs.”

In a briefing with global journalists, UN Climate Change Executive Secretary Simon Stiell stated  “we can only overcome the climate crisis by ditching business-as-usual,” adding that “the win on loss and damage here in Dubai gave this COP a spring in its step. But it is just a start.”

Onward, he highlighted that “governments must give their negotiators clear marching orders: we need highest ambition, not point-scoring or lowest common denominator politics.”

At this point, he conveyed that “only 50 countries have National Adaptation Plans,” despite the fact that the lives and welfare of more than 8.0 billion people are on the frontlines.

Stiell qualified “finance is the great enabler for climate action. The negotiations must put it front and center,” as he specified that “the Global Stocktake is the vehicle to get climate action on track.”

He reckoned that “loss and damage was a win, but we’re kidding ourselves if we think it’s a tick in the box for finance and support at this COP - more is required.”

On the broader sphere of implementing goals to limit temperature rise within the 1.5 degrees C cast under the Paris Agreement, Stiell indicated “we need enhanced transparency, and to deliver our promise to fund climate action across the world.”

He expounded “let’s be honest - good intentions won’t halve emissions this decade or save lives right now. Only serious progress on finance can deliver frontline results. We’ve said we’ll double adaptation finance - now we have to deliver, including on the details, and set ourselves up to go much further.”

Stiell pointed out that on the Global Stocktake, “we have a starting text on the table… but it’s a grab bag of wish lists and heavy on posturing.’

He thus noted that “the key now is to sort the wheat from the chaff. If we want to save lives now and keep [the] 1.5 goal within reach, the highest ambition COP outcomes must stay front and center.”

In the weeks ahead, he stressed that  “we need COP to deliver a bullet train to speed up climate action. We currently have an old caboose chugging over rickety tracks.”

The bright spot to all of these, he said, is that “the tools are all there on the table, the technologies and solutions exist,” and it is just a judicious call on the part of governments and negotiators “to pick them up and put them to work.”