UN chief urges nations to close 'credibility gap' at Cop27

International finance flowing to developing countries is five to 10 times below what is needed

A bucket wheel excavator mining coal in Germany. AP
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UN Secretary General Antonio Guterres urged wealthy and poor nations on Thursday “to close the ambition gap, the credibility gap and the solidarity gap” when they come together next week at the Cop27 UN climate summit in Egypt.

“It is time for a historic pact between developed and emerging economies,” he told reporters, stressing that wealthier nations should help poorer countries with funding for climate-adaptation measures.

He said he envisioned a pact in which wealthier countries provide financial and technical assistance, “along with support from multilateral development banks and technology companies, to help emerging economies speed their renewable energy transition.”

According to the UN environment programme report, the current international finance flowing to developing countries is between five and 10 times below what is needed and the gap is widening. Estimated annual adaptation needs are $160-340 billion by 2030 and $315-565bn by 2050.

Under the 2015 Paris Agreement on climate change, developing countries were promised $100bn per year to finance initiatives to help them cope with the effects of global warming. To date, that target has not been achieved.

The UN chief also called on developed countries to deliver on their commitments made in Paris and make an additional effort to reduce emissions in line with the 1.5°C goal that is currently in “intensive care”.

Looking ahead to Cop27, he expressed his hope that the conference will gather enough political will to make sure that “we progressively move from life-saving to normal perspectives”.

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Updated: November 03, 2022, 3:39 PM