United Nations (UN) Secretary-General, António Guterres, has urged developed nations to urgently accelerate climate finance to developing countries to deal with the unavoidable climate impacts that threaten to devastate vulnerable communities.
Addressing a media briefing on Friday in Johannesburg, ahead of the Group Twenty (G20) Leaders’ Summit, Guterres made a plea to developed countries to keep their promise to double adaptation finance to at least US$40 billion this year.
“By mobilising the $300 billion per year promised to developing countries by 2035 and by delivering on the Baku to Belém plan, mobilising all relevant partners for the US$1.3 trillion annually to be achieved in climate finance and in the same time framework for developing countries -- this goal can be achieved,” he said.
The Baku to Belém plan was designed to help developing nations fund low-emission and climate-resilient development pathways, implement their national climate plans (NDCs and NAPs), and manage financial instruments that don't increase debt, all while reforming global financial systems to make them fairer and more accessible.
“Countries have failed to keep temperatures to the 1.5°C temperature rise limit. Science tells us that a temporary overshoot above this limit is now inevitable. We must make this overshoot as small, short and safe as possible.
“Avoiding more climate chaos means bridging the adaptation gap urgently. That requires a massive scale-up of financing. Simultaneously, it's time to capitalise the loss and damage fund, including exploring possibilities of innovative finance,” Guterres said.
With the continent only attracting a fraction of global renewable-energy investments, he called for Africa to be prioritised in the clean energy transition.
Last year, 90% of new power capacity came from renewables. Global investment in clean energy reached US$2 trillion, US$800 billion more than fossil fuels.
“The continent holds immense solar and wind potential but lacks the investments needed to harness them. A just energy transition must also mean to entirely electrify Africa, powering homes, schools, clinics and industries, and creating decent jobs for its young people.
“No one should be left in the dark by the clean energy age, least of all a continent that has contributed the least to the climate crisis. The economics are on our side, but political will needs to catch up,” Guterres said.
He noted that fossil fuels still receive vast subsidies, corporations are porting reptile profits from climate devastation, and lobbyists continue to "greenwash" the truth, while developing countries are locked out of a greener future.
“Ensuring that all countries can make this shift means aligning national policies and budgets with a just energy transition. And it means providing resources and technology to help developing countries invest in grids, storage and efficiency.
“It means supporting workers and affected communities to make the transition through training, protection and new opportunities. And it means unlocking finance at scale for developing countries by cutting the cost of capital and crowding in private investments. I will discuss these issues in detail with G20 leaders tomorrow,” the UN Secretary-General said.
Global leaders will gather at the G20 Leaders’ Summit taking in Johannesburg on Saturday and Sunday to discuss key economic and financial issues under South Africa’s Presidency theme: “Solidarity, Equality and Sustainability.” -SAnews.gov.za
