Nations Must Steadily Phase Out Fossil Fuels To Avert Climate Crisis: UN Chief

News Desk

United Nations: UN Secretary-General Antonio Guterres called for immediate global action towards net-zero emissions which must start with the polluted heart of the climate crisis: the fossil fuel industry.

Countries must progressively phase out fossil fuels to avert climate catastrophe, moving to leave oil, coal, and gas in the ground where they belong and massively boost investment in renewable energy, Secretary General added.

He said the world’s response to deal with the impending disaster is “inadequate”. “We are hurtling towards disaster, eyes wide open. It’s time to wake up and step up,” Antonio added.

The UN Chief was addressing a press conference at UN Headquarters in New York following a meeting with civil society climate leaders from across the world.

As the latest manifestation of climate change; Cyclone Biparjoy is about to strike coastal areas of Pakistan and India, he stated that limiting the global temperature rise to 1.5°C is still possible but will require a 45 percent reduction in carbon emissions by 2030. However, current policies will lead to a 2.8°C temperature rise by the end of the century which spells catastrophe.

The UN chief has previously proposed establishing a Climate Solidarity Pact under which rich nations would support emerging economies by cutting emissions. Another proposal for an Acceleration Agenda calls on governments to phase out coal by 2040, end public and private international coal funding, and shift subsidies from fossil fuels to renewables, among other measures.

#ClimateAction is being undermined.

There is a lack of ambition.

A lack of trust.

A lack of support.

A lack of cooperation.

And an abundance of problems around clarity and credibility.

It’s time to wake up and step up. pic.twitter.com/OWaklAoilc

— António Guterres (@antonioguterres) June 15, 2023

Antonio Guterres further said that the fossil fuel sector and its enablers bear a particular responsibility because of the record $4 trillion in windfall revenue received last year. However, barely four cents go to sustainable energy and carbon capture for every dollar it spends on oil and gas extraction and exploration. It is unethical to exchange the future for thirty pieces of silver, he added.

Guterres emphasised that instead of impeding the world’s transition to renewable energy, the fossil fuel industry should use its vast resources to promote it. Even the very low operational emissions reduction goals that the sector set for itself are not being met.

SG Antonio called for fossil fuel companies to present credible, comprehensive and detailed new transition plans that include reducing emissions up and down the value chain from production through refining, distribution, and use. Plans must also establish clear, near-term targets for the transition to green energy.

Fossil fuel companies must also cease and desist from influence peddling and legal threats designed to kneecap progress. “I am thinking particularly of recent attempts to subvert net zero alliances by invoking anti-trust legislation,” he said.

Governments are pivotal in setting the record straight. They must help by providing clear reassurance.

Collective climate action protects the public’s trust rather than violating antitrust laws, UN Chief Antonio continued. The head of the UN also demanded specific plans from financial organisations, stating that they needed to support global energy change.

To establish alignment with the net-zero target, plans should contain a clear strategy for gradually removing fossil fuel assets from their portfolios. Additionally, all lobbying and policy involvement must be disclosed.

Antonio Guterres argued that all financial institutions must stop financing, underwriting, and investing in new coal infrastructure, power plants, and mines. Additionally, they must promise to stop funding and investing in the increase of oil and gas reserves as well as the search for new oil and gas resources, and to invest instead in a just transition for the developing countries.

Additional input from Agencies