United Nations Secretary-General António Guterres has urged developed countries and international financial institutions to mobilise at least $1.3 trillion annually for developing countries by 2035, cautioning that the global response to climate change remains far below the scale of the crisis.
Speaking on Wednesday at the World Leaders Summit of the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye, Mr Guterres said climate finance pledges must be converted into funding that developing countries can actually access as they adapt to rising temperatures, build resilient infrastructure and shift to cleaner energy sources.
Guterres Warns Emissions Are Off Track
The UN chief said global emissions must fall by roughly six per cent each year, warning that existing national climate plans, even if fully implemented, would deliver only about one-third of the reductions required.
“Our first climate duty is to tell the truth. The brutal truth is that the climate crisis is outrunning us. Emissions in 2025 reached all-time highs. Heat records keep shattering. The last four years were the hottest ever,” he said.
His remarks come amid persistent concerns over the availability and accessibility of climate finance for developing countries, many of which face steep costs in responding to extreme weather, protecting vulnerable communities and cutting emissions.
$1.3 Trillion Goal Builds on COP29 Agreement
The $1.3 trillion annual financing ambition is not entirely new. It builds on the climate finance agreement reached at COP29 in Baku, Azerbaijan, in 2024, which set a goal of mobilising at least $300 billion annually for developing countries by 2035, led by developed countries, alongside a broader call to scale up funding from all sources to at least $1.3 trillion annually by the same year.
Mr Guterres, however, insisted that the wider financing target must move beyond political declarations and become real funding for countries that need it.
“Developed countries must lead in delivering at least $300 billion a year by 2035, and set out concrete plans with clear milestones to at least triple adaptation finance by then,” he said.
“The $1.3 trillion goal must become real finance flowing to developing countries, and this demands that every source of finance pull its weight.”
Financing Gap Leaves Developing Economies Behind
The Secretary-General noted that emerging and developing economies outside China account for nearly two-thirds of the world’s population but receive less than one-fifth of global clean energy investments.
He added that many of these countries pay two to three times more to borrow, making it difficult to finance renewable energy projects and climate adaptation programmes. According to him, this disparity risks deepening dependence on fossil fuels, as countries unable to secure affordable clean-energy financing may continue investing in conventional energy infrastructure.
He called for greater contributions from multilateral development banks, private investors and donor countries, including more favourable lending arrangements and innovative financing instruments. He also urged governments to strengthen funding for the Green Climate Fund and the Fund for Responding to Loss and Damage, which supports vulnerable countries dealing with the consequences of climate-related disasters.
Fossil Fuel Lobby in the Crosshairs
Beyond financing, Mr Guterres criticised the influence of fossil fuel companies on climate policy, arguing that the industry’s lobbying activities were slowing the transition to renewable energy.
He said the world could no longer justify continued dependence on coal, oil and gas when the economic and environmental costs of their use were becoming increasingly apparent.
“Fossil fuels must go the way of the dinosaurs, but that won’t happen on its own. The dinosaurs did not have a lobby, but fossil fuels do,” he said.
He accused fossil fuel interests of distorting scientific evidence, delaying policy decisions and avoiding accountability for environmental damage.
He argued that renewable energy had become increasingly competitive, noting that solar power, which accounted for only one per cent of global electricity generation a decade ago, met nearly three-quarters of the growth in electricity demand in the previous year. He also cited the growing adoption of electric vehicles, saying nearly one in three new cars sold globally was expected to be electric in 2026.
Mr Guterres said three-quarters of the world’s population live in countries that import fossil fuels, leaving them vulnerable to international price fluctuations and energy insecurity.
He called for a just and orderly transition that would include ending new unabated coal development, reducing methane emissions and expanding electricity grids, energy storage and clean electrification. He also urged governments to tax windfall profits made by fossil fuel companies and direct the proceeds towards countries affected by climate disasters.
Citing the financial disparity between oil companies and climate-vulnerable countries, he said the nine largest oil companies made $95 billion in profits in the last quarter, while the Loss and Damage Fund had received approximately $600 million.
“That is what these companies made in about 14 hours,” he said.
Leaders Press for Practical Action
The COP31 World Leaders Summit, held on 11 and 12 November, forms part of the conference’s high-level discussions, which run from 9 to 20 November in Antalya. Türkiye is hosting the conference, while Australia is leading the formal negotiations under an agreed partnership arrangement.
Other leaders at the summit also called for increased climate financing and practical interventions to protect vulnerable countries.
Australian Prime Minister Anthony Albanese highlighted the growing threat of rising sea levels to Pacific island nations, particularly Tuvalu, where the average elevation of the islands is approximately 1.83 metres above sea level. He recounted meeting a 13-year-old student in the country who feared for the future of her home, despite aspiring to become a doctor. Reading her message to world leaders, Mr Albanese said the student was asking for international cooperation to protect communities threatened by rising oceans.
He said Australia had doubled its renewable electricity generation over six years, with renewables now accounting for half of the country’s electricity mix. He also disclosed that more than 600,000 home batteries had been installed in the country in the past year.
Ethiopian Prime Minister Abiy Ahmed, meanwhile, called for climate action to be integrated into economic development planning, particularly in countries where changing weather patterns threaten agriculture and livelihoods.
Mr Abiy said more than 90 per cent of Ethiopia’s electricity came from hydropower, while the country was expanding investments in wind, solar and geothermal energy. He also highlighted Ethiopia’s Green Legacy Initiative, through which more than 56 billion seedlings had been planted to restore degraded land and expand forest cover.
He said climate financing must be predictable and accessible early enough to enable vulnerable countries to prepare for extreme weather events. He urged international financiers to make their commitments measurable, asking them to specify the amount of funding available, when it would be delivered, and the conditions attached.
