Johannesburg: United Nations (UN) Secretary-General, Ant³nio 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.
According to South African Government News Agency, Guterres emphasized the necessity of mobilizing $300 billion per year promised to developing countries by 2035 and delivering on the Baku to Bel©m plan. This plan aims to mobilize all relevant partners for the US$1.3 trillion annually needed for climate finance within the same timeframe for developing countries. The Baku to Bel©m plan was designed to help developing nations fund low-emission and climate-resilient development pathways, implement their national climate plans, and manage financial instruments that don't increase debt, while reforming global financial systems to be fairer and more accessible.
Guterres highlighted that countries have not managed to keep global temperatures within the 1.5°C rise limit, acknowledging that a temporary overshoot is now inevitable. He stressed the importance of minimizing this overshoot and stressed the urgent need to bridge the adaptation gap through a significant increase in financing. Additionally, he called for the capitalization of the loss and damage fund and the exploration of innovative finance possibilities.
Highlighting Africa's potential, Guterres noted that the continent receives only a fraction of global renewable-energy investments and called for it to be prioritized in the clean energy transition. Last year, 90% of new power capacity came from renewables, with global investment in clean energy reaching US$2 trillion. However, Africa still lacks the investments needed to harness its immense solar and wind potential.
Guterres pointed out the ongoing issue of fossil fuel subsidies and the need for a just energy transition that includes electrifying Africa and creating jobs. He urged for the alignment of national policies and budgets with this transition and emphasized the importance of providing resources and technology to developing countries to invest in grids, storage, and efficiency.
He concluded by stating the necessity of supporting workers and communities through the transition and unlocking finance for developing countries by reducing the cost of capital and encouraging private investments. Guterres plans to discuss these issues in detail with G20 leaders during the summit.
Global leaders will convene at the G20 Leaders' Summit in Johannesburg on Saturday and Sunday to address key economic and financial issues under South Africa's Presidency theme: 'Solidarity, Equality and Sustainability.'