The United Nations Secretary-General Antonio Guterres called on rich nations to meet their commitment to mobilize $100 billion a year to fund poorer countries. Guterres said that the world is still far behind in reaching its goal to contribute $100 billion a year to help poorer countries address climate-related challenges, including sustainable development. Guterres addressed the issue while speaking at the International Climate Adaptation Summit, hosted by the Netherlands on Monday.
"Let us remember that developed countries must meet the commitments made in the Paris Agreement to mobilize $100 billion a year from private and public sources for mitigation and adaptation in developing countries. Climate risk must be embedded in all procurement processes, particularly for infrastructure. Developing countries must receive the necessary support and the tools to achieve this," Guterres said during the event.
Guterres said it is important for developed countries to meet their Paris Climate Agreement pledge in order to address the worsening impacts of climate change. The UN chief also called on donors, the multilateral development banks, and private financial institutions to work with vulnerable countries on developing new instruments with innovation to incentivize investments in resilience building. Guterres underscored the need to ease access to finance and expand debt‑relief initiatives.
"Let us live up to our responsibilities and jointly change course towards a sustainable, fair, and resilient future," Guterres said at the event on Monday.
According to the World Meteorological Organization (WMO), more than 4,00,000 people were killed in the past decade alone from climate-related catastrophes, most of which occurred in low and middle-income countries. WMO says that in the past 50 years more than 11,000 natural disasters have taken place due to climate change, costing the world an estimated $3.6 trillion in losses.
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