COP31: UN chief demands $1.3tn finance for developing countries

The United Nations Secretary-General António Guterres has warned that the world is running out of time to contain the climate crisis.

Guterres called for an accelerated transition from fossil fuels, increased climate financing and urgent action to protect vulnerable countries from worsening global warming.

The Secretary-General on Wednesday said global emissions needed to decline by approximately six per cent annually, warning that existing national climate commitments were insufficient to prevent dangerous temperature increases, despite growing investments in renewable energy.

He urged developed countries to deliver at least $300bn annually in climate finance by 2035, ensuring that the wider $1.3tn financing ambition translated into actual funding for developing countries that are still working to improve their industrial capacity, infrastructure, income levels, healthcare, education and living standards.

He stated, “Developed countries must lead in delivering at least $300 billion a year by 2035, and set out concrete plans with clear milestones to at least triple adaptation finance by then.

“The $1.3tn goal must become real finance flowing to developing countries and this demands that every source of finance pull its weight.”

Guterres spoke at the World Leaders Summit of the ongoing 31st United Nations Climate Change Conference, COP31, in Antalya, Türkiye, where Australian Prime Minister Anthony Albanese and Ethiopian Prime Minister Abiy Ahmed also called for stronger international cooperation, climate financing and practical interventions to address the crisis.

The World Leaders Summit at COP31 brings together heads of state and government, alongside senior international officials, to discuss urgent climate challenges, strengthen global cooperation and translate climate commitments into concrete action.

The summit, attended by our correspondent, opened with a 30-minute cultural performance celebrating Türkiye’s heritage, featuring the renowned Fire of Anatolia dance ensemble.

The performance brought together traditional folk dances, music, colourful costumes and contemporary choreography to portray the historical meeting of civilisations in Anatolia.

The presentation reflected the region’s position as a historical crossroads between Europe and Asia, where different cultures, trade routes and civilisations have interacted over centuries.

The Fire of Anatolia, established in 1999, is known for combining traditional Anatolian folk dances with ballet and modern dance to promote cultural unity and peace.

The cultural display provided an opening message of coexistence and cooperation ahead of the leaders’ discussions on a climate crisis that increasingly requires countries to work across political and economic differences.

Addressing the summit, Guterres said the world must confront the reality that climate change was advancing faster than governments’ responses.

“Our first climate duty is to tell the truth. The brutal truth is that the climate crisis is outrunning us. Emissions in 2025 reached all-time highs. Heat records keep shattering. The last four years were the hottest ever,” he said.

He criticised fossil fuel interests for continuing to profit from activities contributing to global warming, warning that climate disasters were increasingly destroying lives, livelihoods and economies.

“Fossil fuels must go the way of the dinosaurs, but that won’t happen on its own. The dinosaurs did not have a lobby, but fossil fuels do,” Guterres said in Turkey at his final UN climate summit as secretary-general.

He recalled that countries had pledged under the 2015 Paris Agreement to limit global temperature increases to 1.5 degrees Celsius above pre-industrial levels, but said scientific evidence suggested that a temporary overshoot was now inevitable.

However, he argued that the prospect of exceeding the target should not become an excuse for inaction.

“Science tells us an overshoot above that level is now inevitable. But science is not telling us to surrender. It’s telling us to fight harder.

“The truth is that we have the power to determine how high, how long and how devastating that overshoot will be. We have the power to make sure the overshoot is a temporary breach, not a permanent sentence,” he said.

The UN chief identified three major lessons from the past decade, including the rapid growth of renewable energy, the declining economic case for fossil fuels and the slow pace of global climate action.

He noted that solar energy, which accounted for only one per cent of global electricity generation a decade ago, had become a major contributor to meeting rising electricity demand, while electric vehicles were also gaining market share.

He said three-quarters of humanity lived in countries importing fossil fuels, leaving them exposed to international price shocks and energy insecurity.

“The case for fossil fuels is collapsing. Three-quarters of humanity live in countries that import fossil fuels. Hostage to price shocks they did not create and they cannot control,” he said.

Guterres called for a just and orderly transition to renewable energy, including ending new coal development, reducing methane emissions and expanding electricity grids, energy storage and clean electrification.

He also demanded a new climate justice compact, arguing that developing countries were being denied the financial resources needed to implement climate commitments.

He said emerging and developing economies outside China accounted for nearly two-thirds of the world’s population but received less than one-fifth of global clean energy investments, while borrowing costs in many of those countries were two to three times higher.

He also criticised the imbalance between profits made by oil companies and resources available to countries suffering climate-related losses.

“In the last quarter alone, the nine largest oil companies pocketed $95bn in profits. Meanwhile, the Loss and Damage Fund has received around $600m. That is what these companies made in about 14 hours,” he said, calling for taxes on windfall profits from fossil fuel companies to support vulnerable countries.

Australian Prime Minister Anthony Albanese, who is leading the COP31 negotiations alongside Türkiye’s hosting arrangement, said the conference must translate climate commitments into practical results, particularly for Pacific island countries threatened by rising sea levels.

He recalled meeting a 13-year-old student, Melalusi Soketia, in Tuvalu, who feared for the future of her home despite dreaming of becoming a doctor.

Reading her message to world leaders, Albanese said, “We all have one simple dream, to grow up safely here in Tuvalu, the place we call home. We are not asking for pity, we are asking for help and partnership. Please work together to protect small islands like ours.”

He said the average elevation of Tuvalu’s islands was just 1.83 metres above sea level, making coastal communities particularly vulnerable to storm surges and rising oceans.

Albanese said Australia had doubled renewable electricity generation in six years, with renewables now accounting for half of its electricity mix.

He also disclosed that more than 600,000 home batteries had been installed in the country in the past year.

He called for increased investment in clean energy, electrification, ocean protection and climate adaptation, particularly for vulnerable countries.

Ethiopian Prime Minister Abiy Ahmed, whose country is expected to host COP32 in 2027, said climate action must be treated as an economic development priority rather than an environmental commitment alone.

He explained that droughts and floods associated with changing weather patterns were affecting agricultural production, displacing families and threatening livelihoods in Ethiopia.

He said, “In Ethiopia, climate action is economic policy.”

Abiy disclosed that more than 90 per cent of Ethiopia’s electricity came from hydropower, making climate resilience and diversification of energy sources critical to its economic stability.

He said the country was expanding wind, solar and geothermal power while using satellite technology and artificial intelligence to improve weather forecasting and provide farmers with early warnings.

The Ethiopian leader also highlighted the country’s Green Legacy Initiative, through which more than 56 billion seedlings had been planted to restore degraded land, expand forests and create employment.

He said Ethiopia had banned imports of petrol- and diesel-powered cars as part of its transition to electric mobility, adding that climate financing must be released early enough to help vulnerable communities prepare for extreme weather.

On Ethiopia’s preparations to host COP32, he challenged international financiers to make their commitments measurable.

“That work should begin here, with every Pledge of Finance answering three questions. How much? By when? On what terms? The answers must be clear enough for a government to budget, an investor to commit, and a community to prepare,” he said.