Guterres Urges $1.3 Trillion in Annual Climate Finance for Developing Nations

UN Secretary-General António Guterres has urged governments to tax windfall profits from fossil fuel companies and use the proceeds to help vulnerable countries cope with climate change. He also called for $1.3 trillion in annual climate financing for developing nations by 2035. Speaking at the COP31 World Leaders Summit in Antalya, Türkiye, Guterres said developed countries should provide at least $300 billion annually by 2035. He also called for adaptation financing to be tripled and for climate funds to reach developing economies in accessible, affordable ways. Guterres highlighted the gap between oil company profits and climate support: the world’s nine largest oil companies earned $95 billion in the last quarter, while the Loss and Damage Fund had received about $600 million. He said the companies earned that amount in roughly 14 hours. He warned that global emissions need to fall by about six per cent annually, while current national commitments would deliver only around a third of the needed reductions. He urged a faster transition to renewable energy and stronger protections against floods, droughts and rising sea levels.

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