UN chief calls on developed countries to honor commitments to developing world on climate action

United Nations, July 9: UN Secretary-General Antonio Guterres on Thursday called on developed countries to honor their commitments to helping the developing world with climate mitigation and adaptation.
"I am keenly aware that developing countries need reassurance that their (climate) ambition will be met with much-needed -- and still lacking -- financial and technical support," Guterres told the first Climate Vulnerable Finance Summit hosted by Bangladesh.
To rebuild trust, developed countries must clarify now how they will effectively deliver 100 billion U.S. dollars in climate finance annually to the developing world, as was promised over a decade ago, he said in a video message.
"Solidarity begins with the 100 billion dollars. We need a clear plan for this goal from now until 2025. I will be emphasizing this to G20 finance ministers tomorrow," he said.
Their support to developing countries in the short term will either facilitate low-carbon, climate-resilient recovery, or it will entrench them in high-carbon, business-as-usual, fossil fuel-intensive investments, with high stranded asset risks, he warned. "We cannot let this happen."
Guterres also called for a breakthrough in climate adaptation.
Just 21 percent of climate finance goes toward adaptation and resilience. That is 16.7 billion dollars a year. Yet current adaptation costs for developing countries are 70 billion dollars a year, and this could rise to as much as 300 billion dollars a year by 2030, he said.
"We must achieve a balanced allocation for mitigation and adaptation. I am calling for 50 percent of climate finance globally from developed countries and multilateral development banks to be allocated to adaptation and resilience in developing countries. And we must make access to climate finance easier and faster."
To get the world back on its feet, to restore cooperation among governments and recover from the pandemic in an inclusive, low-carbon, climate-resilient manner, there is a need to support developing countries to deliver on their high ambition, he said.
Source: Xinhua