At Cop29, we must treat the climate crisis with the same urgency as Covid – history shows it can be done | Mukhtar Babayev

This emergency will cost trillions of dollars, and is beyond the reach of developing nations. Private investors have to step up

• Mukhtar Babayev is president of the Cop29 UN climate change conference

To avert climate catastrophe, the world needs more climate finance. At Cop29, the UN climate summit in Baku that begins today, agreeing a new climate finance goal is the top priority of Azerbaijan’s Cop presidency.

Developing countries require assistance to tackle their emissions and build resilience against growing climate threats. The $100bn annual target, set in 2009, was intended to be fulfilled by 2020. It is now outdated and falls far short of what is needed for countries at the sharp end of the climate crisis.

Mukhtar Babayev is president of the Cop29 UN climate change conference