BAKU, Azerbaijan, January 22. We need a surge in finance for climate in developing countries, said António Guterres, Secretary-General of the United Nations, in his address at the World Economic Forum in Davos, Trend reports.
"Global heating is racing forward, and we cannot afford to move backward," Guterres emphasized. He pointed to the vast potential of renewable energy, calling it an extraordinary economic opportunity for all nations.
Guterres criticized the growing trend of financial institutions and industries backtracking on climate commitments, declaring, "This is short-sighted, and paradoxically, it is selfish, but also self-defeating. You are on the wrong side of history. You are on the wrong side of science." He also singled out the fossil fuel industry and its allies in advertising and public relations for their role in "greenwashing" and attempting to delay progress.
The UN chief made it clear that governments must honor their promises and develop national climate action plans before COP30 in Brazil later this year. These plans must align with the global goal of limiting temperature rise to 1.5 degrees Celsius. Guterres also stressed the need for a surge in climate finance to support developing countries in adapting to climate change, slashing emissions, and benefiting from the renewable energy revolution.
The Secretary-General called for tackling high capital costs, which he said were preventing developing countries from moving forward, and urged businesses and financial institutions to adopt robust, accountable transition plans. He further appealed to corporate leaders who remain committed to climate action, saying, "Your leadership is needed now more than ever."