Firms must help pay for climate - Cop chief

Businesses must stump up cash for the developing world to invest in a low-carbon economy or face the consequences of climate breakdown, the president of the UN climate summit has warned.

- Fiona Harvey

Mukhtar Babayev, the environment minister of Azerbaijan, host of this year's climate conference, writes today on the Guardian website: "The onus cannot fall entirely on government purses. Unleashing private finance for developing countries' transition has long been an ambition of climate talks."

He adds: "Without the private sector, there is no climate solution. The world needs more funds and it needs them faster."

History shows we can mobilise the resources required; it’s now a matter of political will.”

His words come as scores of heads of state and high-ranking officials from nearly 200 countries have gathered in Baku, the capital of Azerbaijan, for the UN Cop29 climate summit , which opens today .

The meeting has been overshadowed by the re-election of Donald Trump , who has vowed to remove the US from the Paris climate agreement and scrap commitments to cut carbon emissions. Scientists have warned that the world is likely to exceed key temperature limits as a result.

History shows we can mobilise the resources required; it's now a matter of political will." His words come as scores of heads of state and high-ranking officials from nearly 200 countries have gathered in Baku, the capital of Azerbaijan, for the UN Cop29 climate summit, which opens today.