UN chief urges world not to yield to ‘naked greed’ of fossil fuel interests

By Valerie Volcovici

(Reuters) -U.N. Secretary-General Antonio Guterres told a climate summit of leaders at the U.N. General Assembly on Wednesday that time was running out to tackle climate change, thanks in part to the “naked greed” of fossil fuel interests.

With the two-week U.N. climate summit, COP28, due to start on Nov. 29 in Dubai in the United Arab Emirates, Guterres implored national policymakers to phase out climate-warming fossil fuels.

“The move from fossil fuels to renewables is happening – but we are decades behind,” Guterres said at the start of the one-day summit. “We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels.”

Guterres invited 34 countries to speak on Wednesday in recognition of their strong action on climate change, including Brazil, Canada, Pakistan, South Africa and the island nation of Tuvalu.

Those not invited to speak were the world’s two top polluters – the United States and China – though U.S. Special Envoy on Climate Change John Kerry was in the audience.

China’s U.N. mission did not immediately respond to a request for comment.

Kenyan President William Ruto urged countries to create a universal tax on fossil fuel trades, levies on aviation and maritime emissions and financial transactions to raise trillions of dollars. “Neither Africa nor the developing world stands in need of charity” from developed countries, Ruto said.

California Governor Gavin Newsom spoke about his state’s leadership on climate policies, including a ban on the sale of new gas engine vehicles by 2035. He also called out the oil industry for obstructing climate action.

“This climate crisis is a fossil fuel crisis,” he said, drawing applause from the heads of state and others in the room.

Thailand’s Prime Minister Srettha Thavisin said his country had raised its emission reduction target from 20% to 40% below business-as-usual projections by 2030.

“Climate change is a top priority for my administration,” Thavisin told the gathering, his country having recently created a climate change ministry.

While the UAE was not among the countries selected by Guterres to talk about its climate plans, the UAE’s COP28 President Sultan Ahmed al-Jaber was scheduled to speak at the end about the country’s priorities for that two-week summit.

A CALL FOR FINANCE

“Many of the poorest nations have every right to be angry – angry that they are suffering most from a climate crisis they did nothing to create, angry that promised finance has not materialized, and angry that their borrowing costs are sky-high,” Guterres said in his opening remarks.

With only 70 days left before COP28 begins, the head of the vulnerable island of Barbados questioned this week’s focus at UNGA on the war in Ukraine.

“I hope that, in the same way that we can take Ukraine seriously in the Security Council, we can take the climate crisis and the financing for it seriously,” Barbados Prime Minister Mia Mottley said.

“This is as much of a threat – in fact a greater threat because more lives are at stake globally than are at stake in Ukraine. I have nothing against Ukraine,” she said.

European Commission President Ursula von der Leyen said countries need to meet the long-unmet target of mobilizing $100 billion per year in climate finance.

“It is a question of trust,” she said, adding the EU would be sending $27 billion as it did last year.

Nepali Prime Minister Pushpa Kamal Dahal, representing the bloc of least developed countries, called for a doubling in finance for adapting to a climate-altered world, as this year is on track to be the warmest ever on record.

The climate summit was also set to hear from several international financial institutions, including the global travel insurer Allianz (ETR:), multilateral lending agencies including the World Bank and the International Monetary Fund.

The U.N.’s Green Climate Fund for disbursing climate finance to developing countries also said it planned to launch a new initiative during the event.