Addressing members of the Alliance of Finance Ministers for Climate Action, he highlighted their important role as the date of the conference approached quickly.
The wealth of the planet is not yet counted in the wealth of the countries.
The current system is meant to be destroyed, not preserved.
The world needs to rethink how GDP is calculated, which reflects the true value of nature in all policies, plans and economic systems.
– Antonio Guterres October 12, 2021
“As finance minister, you are the key to success in COP26 and beyond,” he said in a video message from their latest meeting in Washington DC.
“Your decisions and actions in the coming weeks will determine whether the global economic recovery will be low-carbon, resilient and inclusive, or whether it will stop fossil fuel-intensive investment with high risk of stuck assets,” he said.
Close the gap
COP26 opened in Glasgow, Scotland later this month and Mr. Guterres outlines three main areas where progress is needed.
He said countries must close the emission gap quickly. They must be prepared to update climate commitments to keep global warming at 1.5 degrees Celsius above pre-industrial levels.
Rich countries, meanwhile, need to close the “money gap” by providing ারের 100 billion a year in pledges to help developing countries deal with climate change.
The UN chief said, “And that’s just a starting point.” Public and private finance “must align with a zero and resilient development path,” he added.
“That is why I, as Minister of Finance, urge each of you to take decisive action to make climate risk disclosure mandatory in accordance with the recommendations of the Task Force on Climate-Financial Disclosure.”
Support for adaptation
“Glasgow must provide a groundbreaking step in adaptation,” the secretary-general said, adding that climate change is having a growing impact on lives and livelihoods each year.
He urged ministers to consider allocating half of all public climate finance with the help of developing countries.
They were also encouraged to reconsider how gross domestic product (GDP) is calculated to reflect the true value of nature.
“Nature’s resources are not yet in the countries’ resources,” he said. Guterres said. “We need nature-based solutions for adaptation and mitigation. The current system is meant to be destroyed, not conserved. ”
Measures to build confidence
The Secretary-General highlighted the critical role of finance ministers in the success of COP 226 and beyond. He said improving access to climate and development finance on an urgent basis would be key to rebuilding confidence among countries at the conference.
“Your representatives on the board of the Multilateral Development Bank may request the management to present as soon as possible a set of concrete measures, which will be implemented by the end of next year, to solve red tape problems and improve system speed and efficiency and process all development finance,” he added. Does.
As climate change and the ongoing Kovid-1 pandemic epidemic pose new and unique challenges for low- and middle-income countries, it was only logical to revise the current limitations of the Official Development Assistance (ODA) to improve access to major UN funding.
He called on the ministers to direct the representatives of their countries to the Organization for Economic Co-operation and Development (OECD) to review the qualification process.
The UN chief also called on ministers to help develop the Multidimensional Weakness Index, which aims to help small island developing states finance concessions.