Guterres demands $1.3tn climate fund for poor nations
United Nations Secretary-General António Guterres has called on governments to impose taxes on the windfall profits of fossil fuel companies, insisting that the proceeds should help vulnerable countries cope with the devastating effects of climate change.
He also urged the international community to mobilise $1.3 trillion annually in climate financing for developing countries by 2035.
Guterres made the appeal on Wednesday at the World Leaders Summit of the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye.
He argued that countries already struggling with the consequences of global warming should not be left to shoulder the financial burden while major oil companies continue to record enormous profits.
To illustrate the disparity, the UN chief disclosed that the world’s nine largest oil companies earned $95 billion in profits in the last quarter alone, while the Loss and Damage Fund had received approximately $600 million.
According to him, the oil companies generated an amount equivalent to the fund’s entire resources in just 14 hours.
“It’s time for governments to tax these windfall profits and use them to help vulnerable countries recover. Polluters must pay,” he declared.
On climate financing, Guterres said developed countries must take the lead in providing at least $300 billion annually by 2035, while ensuring that the broader $1.3 trillion financing target translates into actual funds reaching developing economies.
He also called for adaptation financing to be at least tripled by 2035, stressing that vulnerable nations needed accessible and affordable resources to prepare for climate-related disasters.
The Secretary-General expressed concern that developing economies outside China, despite accounting for nearly two-thirds of humanity, receive less than one-fifth of global clean energy investments.
He added that many of these countries pay between two and three times more to borrow money than wealthier nations, making it harder for them to invest in renewable energy and climate resilience.
Guterres further warned that global emissions must decline by approximately six per cent annually to limit the severity of climate change.
However, he said existing national climate commitments would deliver only about one-third of the required reductions, even if fully implemented.
He acknowledged that the world was now likely to temporarily exceed the 1.5-degree Celsius warming threshold established under the 2015 Paris Agreement but insisted that this should not discourage further climate action.
“Science is not telling us to surrender. It’s telling us to fight harder,” he said.
The UN chief called for a faster and more orderly transition from fossil fuels to renewable energy, alongside increased investment in electricity grids, energy storage and clean technology.
He also urged governments to strengthen early warning systems and protect communities from flooding, droughts and rising sea levels.
Guterres described climate justice as a defining challenge of the coming decade, arguing that international climate commitments must be backed by adequate funding and practical action.