United Nations Secretary-General Antonio Guterres called on Tuesday for a $500 billion annual fund to help developing countries invest in their lives, livelihoods and infrastructure to reduce the impacts of climate change in their countries. .
Guterres made the remarks while addressing African leaders and delegates at the ongoing African Summit on Climate Change in Kenya on Tuesday.
“…And I have called for a SDG stimulus of at least $500 billion a year to help developing countries invest in their people and the systems they need,” he said.
He explained that Africa accounts for only four percent of global emissions, but suffers some of the worst effects of climate change.
“Today I renew my call on the world to step up climate action to avoid the worst effects of climate change, deliver on global pledges to provide essential support and help Africa make a just and just transition to renewable energy,” said the chief. from the ONU. .
Potentials in Africa
While reiterating that Africa can be a renewable energy superpower, he said it is time to bring African countries together with developed countries, financial institutions and technology companies to create a true African Renewable Energy Alliance.
All this, he said, requires addressing another injustice; an outdated, unfair and dysfunctional global financial system.
On average, Guterres said, African countries pay four times more for loans than the United States and eight times more than the richest European countries.
“Driving for a just and equitable green transition, while supporting development more broadly across Africa, requires a drastic course correction,” he said.
The UN official said there is a need to ensure an effective debt relief mechanism that supports defaults, longer loan terms and lower interest rates for Africa.
This, he said, means recapitalizing and changing the business model of the Multilateral Development Banks so that they can massively tap private financing at affordable rates to help developing countries build truly sustainable economies.
existing injustices
While noting that there are global financial injustices that prevent the African continent from improving its adaptation to the climate, Guterres explained that the multilateral system does not reflect Africa today or a world that is becoming more and more multipolar.
“Global governance structures reflect the world as it was, not as it is,” he said, adding that global institutions were created after World War II, when many African countries were still ruled by colonial powers and not even sitting down. to the table.
“We see this injustice playing out today in the African context,” he added.
Similarly, during his remarks, Sultan AlJaber, COP28 President-Designate, called on donors to double adaptation finance by 2025 and on all parties to transform the Global Goal on Adaptation from theory and text to tangible action. and real results to unlock Africa’s potential and accelerate climate change. action.
“Africa is showing political will and determination to transition to a climate resilient future. But one essential element that can unlock Africa’s potential is missing: available, accessible and affordable financing,” she stated.
For her part, Ursula von der Leyen, President of the European Union Commission, stated that climate action can be one of the main drivers of growth in Africa.
“For this, Africa needs massive investment,” he said.
He said that Europe wants to be Africa’s partner to close the existing investment gap, with Global Gateway.
way to go
Guterres said global institutions must step up, ensure African representation and respond to African needs and potential; from the international financial institutions to the United Nations Security Council, where Africa lacks a permanent seat.
“That is why in my upcoming meetings, including the ASEAN meeting in Indonesia this week, followed by the G20 meeting in India and the G77 meeting in Cuba, I will continue to advocate for deep reforms to make these institutions more responsive to the needs of developing countries. ,” he said.
He United Nations The official said that they cannot afford a fractured world and that it is time to end the injustices that are holding Africa back.
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“I will work closely with African leaders and organizations like the African Union to move towards the peaceful, prosperous and sustainable future that Africans need and deserve,” he added.
Ms von der Leyen said: “We need to bring the climate finance conversation to the global stage at @COP28_UAE. Attract private investment to Africa, set carbon prices and set global targets for the energy transition, to track progress and attract even more private investment. .”