Banking News – United Nations Secretary-General António Guterres, at his final climate summit of his tenure, emphasized that along with emission cuts to curb temperature rise, climate justice and adequate financial support for developing countries are essential. He accused the fossil fuel industry of treating the environment like an “open sewer” and called for immediate and effective steps to address the climate crisis.

At a high-level program held at the United Nations headquarters in New York on Wednesday, Turkish President Recep Tayyip Erdoğan and Australian Prime Minister Anthony Albanese are scheduled to address alongside Guterres. Turkey and Australia are co-hosting the COP-31 climate conference in November. Guterres noted that five major Western oil companies have earned approximately $5 trillion USD in profits since Russia’s invasion of Ukraine, while climate finance mobilized for developing countries to adapt to temperature rise is only about $34 billion USD.

His call comes at a time when the impacts of climate change are intensifying worldwide. Events ranging from increasing heat and wildfires in Europe to devastating floods caused by melting glaciers in Nepal and Tibet are increasing risks. Scientists have warned that the possibility of temperatures temporarily exceeding the 1.5 degrees Celsius limit will further increase the risk of extreme weather events.

The program will focus on greening the economy, reducing emissions, and mobilizing necessary finance for developing countries to meet climate goals and face risks. Turkey has put forward a “35×35” target of increasing the share of electricity in global final energy consumption to 35 percent by 2035. However, the share of renewable energy has not been clarified.

Meanwhile, climate finance and the Loss and Damage Fund are expected to become important issues for Nepal, which is at high risk of climate change. Nepal’s Foreign Minister Shishir Khanal stated that financial support for countries at climate risk with low greenhouse gas emissions is not charity but a legal and moral obligation.

Rachel Cleetus of the non-profit Union of Concerned Scientists stated that Nepal’s role in the Loss and Damage Fund will be important for countries most affected by climate change but receiving less financial support. She stated that Guterres has been effectively raising the voice of climate justice and vulnerable countries on the world stage.