UN chief urges developed countries to step up climate finance for developing nations

United Nations, Nov 14 (SocialNews.XYZ) UN Secretary-General Antonio Guterres has urged developed countries to step up climate financing for developing nations, describing the global climate finance system as marked by "structural injustice."

Speaking at a press conference at the 31st United Nations Climate Change Conference (COP31) in the Turkish coastal city of Antalya on Friday (local time), Guterres pointed to the massive funding gap for vulnerable countries.

"Developing countries, particularly the most vulnerable, will need far greater support for adaptation and for loss and damage," he said. "Even tripling adaptation finance would meet less than 30 per cent of what is needed."

Noting that commitments made by developed countries fall short of actual needs, Guterres added: "Those that pollute more have not created the conditions to gather the resources that are necessary to adequately respond to the needs of those that suffer."

The UN chief also called for more effective use of existing financial resources to expand funding for climate action.

He said that channelling public funds into the capital of multilateral or national development banks could significantly multiply their impact, allowing an initial investment of one US dollar to mobilise as much as eight to 10 dollars in financing, according to Xinhua news agency.

Guterres also urged national and multilateral development banks to expand their use of guarantees to mobilise private-sector financing.

Climate finance has remained a central focus of COP31 negotiations, with developing countries seeking greater support to address climate impacts and strengthen their resilience.

Source: IANS