United Nations Secretary-General António Guterres called for a massive increase in global climate spending, arguing that governments and financial institutions must devote significantly more resources to addressing climate-related challenges.
In a special address at London Climate Action Week on Monday, Guterres said that governments must invest more heavily in climate-related initiatives.
“We must do far more to protect people and communities from the here-and-now effects of climate chaos,” Guterres said. “Because even at full speed, we cannot outrun climate change. Its impacts are already here, compounding and cascading.”
Guterres also highlighted Africa’s energy potential while arguing that the continent receives too little investment despite its abundant natural resources.
“Africa is home to 60% of the world’s best solar resources, 30% of critical minerals, 1/5 of humanity,” Guterres continued. “Yet it receives just 2% of global clean energy investment. At the same time, more than 600 million Africans still lack access to electricity. This is unjust and a lost opportunity for Africa and the world.”
The U.N. chief urged wealthy nations to honor previous climate-financing commitments and dramatically increase funding for developing countries over the next decade.
“Developed countries must keep their promises, including support to the Fund for Responding to Loss and Damage and the Green Climate Fund. The $300 billion pledged to developing countries must be delivered with concrete steps to mobilize the $1.3 trillion a year by 2035,” Guterres said. “In a world of shrinking aid, we must also unleash the catalytic role of multilateral development banks and the wider development finance system to help fund long-term infrastructure such as grids, mass transit, and water systems.”
Guterres further argued that international lenders should play a larger role in financing infrastructure and climate-related projects around the world.
“Recent reforms and policy decisions have increased the lending capacity of multilateral development banks by 600 to 800 billion U.S. dollars. They must use it aggressively to finance the infrastructure of the future and climate adaptation,” Guterres continued. “They must also adapt their instruments to match the scale and time frame of the challenge, including 50-year finance where needed.”
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