As world leaders converge on New York for the annual United Nations General Assembly, the spotlight should be on a critical aspect of the climate crisis: finance. While the talks in New York are not a formal climate summit, the discussions taking place this week are pivotal for our planet’s future.

This year’s climate debate centres on funding, a departure from previous negotiations that focused on emission reduction, adaptation efforts, and addressing climate-related loss and damage. The shift recognizes a fundamental truth: without adequate financial backing, even the most ambitious climate decisions will remain mere words on paper.

Ministers attending the UN General Assembly are engaging in high-level discussions, both formal and informal, as parties push their positions forward in anticipation of COP29 in November. These meetings present a crucial opportunity to increase climate ambition and commit to mobilizing larger amounts of climate finance.

The urgency of scaling up climate finance cannot be overstated. It is the key that unlocks effective climate action across all fronts. From enabling developing countries to transition to clean energy to funding crucial adaptation measures in vulnerable communities, finance is the lifeblood of global climate efforts.

World leaders must recognize that the climate crisis demands more than just promises – it requires concrete financial commitments. The discussions in New York should pave the way for substantial increases in climate funding, setting the stage for meaningful progress at COP29.

As these leaders return home from the General Assembly, it is imperative that their words translate into action. The commitments made in New York must be reflected in national policies, budget allocations, and international cooperation efforts.

The clock is ticking on climate change, and the world cannot afford further delays. It’s time for world leaders to find their wallets and provide the funding needed to tackle this global crisis head-on. The future of our planet depends on the decisions and commitments made today.

Mattias Söderberg is co-chair of the ACT Alliance Climate Justice Reference Group and Chief Advocacy Advisor for DanChurchAid.