Small island states are on the sharp end of a colossal injustice, UN Secretary-General Antonio Guterres said at Leaders’ Summit of the Small Islands Developing States on Climate Change.
"You are on the sharp end of a colossal injustice. An injustice that sees the very future of your islands threatened by rising seas; Your people pounded by record hurricanes. Your economies torn apart. And development gains left in tatters. This is an injustice perpetrated by the few. The G20 account for around eighty percent of global emissions. And it is an injustice that must end," Guterres said.
"Your nations – the Small Island Developing States – are demonstrating what climate ambition looks like. You are the first responders. The world must follow you. And it must support you. First, by sparing no effort to keep 1.5 alive. That means global emissions falling nine percent a year to 2030. It means phasing out fossil fuels – fast and fairly – and delivering on the COP28 outcome. And it means every country putting forward new, economy-wide national climate action plans – or NDCs – by COP30, that align with 1.5 degrees. The biggest emitters – the G20 – must lead. And the United Nations is supporting countries to deliver through its Climate Promise initiative," UN Secretary-General stated.
"Second, justice. You deserve support to deal with a crisis you have done next to nothing to create. We must get serious about loss and damage. We need significant contributions flowing to the Loss and Damage Fund – so it can have a meaningful impact. We also need a surge in funds for you to protect your people from climate impacts; impacts that are growing in strength and frequency. Every one of you must have the chance to build resilience. And to seize the benefits of adaptation to drive progress across the sustainable development goals," Guterres added.
Guterres noted that developed countries must fulfill their commitment to double adaptation financing to at least $40 billion annually by next year. This is an important step toward closing the adaptation financing gap.
Third, regarding financing, he calls for reforming the international financial architecture, including effective debt relief. It commits countries to advance the SDG Stimulus of $500 billion annually, said the UN Secretary-General.
UN chief noted the need for a new climate finance goal that mobilizes the trillions of dollars in financing needed by developing countries – with a significant increase in concessional public funds. This goal must provide clarity on how money will be mobilized, he said, urging to use innovative sources such as fees from aviation, shipping, and fossil fuel extraction.
It should also include a significant increase in capitalization and reforms of multilateral development banks, including enabling them to attract much more private financing at reasonable prices, he said and called for using their moral authority to demand action, leadership, and justice.
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