Secretary-General Urges Developed Countries to Double Annual Climate Adaptation Finance to $40 Billion

Following are UN Secretary-General António Guterres’ remarks to the virtual high-level segment of the Sixteenth Petersberg Climate Dialogue, held in New York today:

Thank you for this opportunity — and for your focus today on collective climate action and acceleration of implementation.  This could not be more timely.  There is much uncertainty and instability in our world. But, today, we meet in the wake of some good news.

Just this morning, the International Renewable Energy Agency (IRENA) officially confirmed that 2024 was a record year for renewables additions to global power capacity.  Renewables represented more than 92 per cent of all new electricity-generation capacity installed last year.

The amount of renewables added represents more than the total electricity capacity of Brazil and Japan combined.  Europe’s capacity grew by 9 per cent — with Germany contributing more than one quarter of that growth.  Africa’s capacity grew by almost 7 per cent.

All of this is another reminder of a twenty-first century truth:  Renewables are renewing economies.  They are powering growth, creating jobs, lowering energy bills and cleaning our air. And every day, they become an even smarter investment.

Since 2010, the average cost of wind power has plunged 60 per cent.  Solar is 90 per cent cheaper.  In 2023, clean energy sectors accounted for 5 per cent of economic growth in India and 6 [per cent] in the United States.  It accounted for a fifth of China’s GDP [gross domestic product] growth, and a third of the European Union’s.

The economic case for — and opportunities of — climate action have become ever clearer — particularly for those who choose to lead. And leadership is what we need — as today’s IRENA report shows:

To accelerate the shift to renewables and to correct the imbalances in the transition, which is still starving developing countries — outside China — of the investment needed to fully embrace clean energy.

As the title of this session puts it so well:  we are indeed at a turning point to the future. In the 10 years since Paris, we have seen other important progress.  Ninety per cent of global emissions are now covered by net-zero targets.

A decade ago, the planet was on course for a global temperature rise of over 4°C.  Today, countries’ national climate plans — or NDCs [nationally determined contributions] — if fully delivered — will take us closer to a 2.6°C rise.

At the same time, climate challenges are piling up.  It seems records are shattered at every turn — the hottest day of the hottest month of the hottest year of the hottest decade ever.

All of this is hitting the vulnerable hardest, and everyday people in their pockets — with higher living costs, higher insurance premiums and higher food prices.  Just last week, the World Meteorological Organization (WMO) confirmed that 2024 was another alarming year.

Almost every climate indicator reached new and increasingly dangerous heights — inflaming displacement and food insecurity and inflicting huge economic losses.  And for the first time, the annual global temperature was 1.5°C hotter than pre-industrial times.

Scientists are clear:  it is still possible to meet the long-term 1.5°C limit.  But, it requires urgent action.  And it requires leadership. I see two critical fronts to drive action.

First, new national climate plans — or NDCs — due by September.  Investors need certainty and predictability.  These new plans are a unique opportunity to deliver and lay out a coherent vision for a just green transition.  They must align with the 1.5°C limit, as agreed at COP28 [twenty-eighth Conference of the Parties to the United Nations Framework Convention on Climate Change].  And cover all emissions and the whole economy.

Together, they must reduce global emissions 60 per cent by 2035 compared to 2019 and contribute to the COP28 global energy transition goals.

All this must be achieved in line with the principle of common but differentiated responsibilities and respective capabilities, in the light of national circumstances but everybody, everybody must do more.  The Group of 20 (G20) — the largest emitters and economies — must lead.

Every country must step up and play their part.  The United Nations is with you all.  President Lula and I are working to secure the highest ambition from the largest economies.

The United Nations Climate Promise is supporting 100 countries to prepare their new climate plans.  And we will convene a special event in September to take stock of the plans of all countries, push for action to keep 1.5°C within reach, and deliver climate justice.

Second, we must drive finance to developing countries.  The COP29 finance agreement must be implemented in full.  I count on the leadership of the COP29 and COP30 presidencies to deliver a credible road map to mobilize $1.3 trillion a year by 2035.

We need new and innovative sources of financing, and credible carbon pricing.  Developed countries must honour their promise to double adaptation finance to at least $40 billion a year, by this year.

And we need serious contributions to the fund for responding to loss and damage, and to get it up and running.

We can only meet these goals with stronger collaboration between Governments, and across society and sectors.  Those that will lag behind need to be not a reason for us to be discouraged, but an increase in our commitment to move forward.

The rewards are there for the taking, for all those ready and willing to lead the world through these troubled times.  We are at a turning point.  I urge you to seize this moment; and seize the prize.