With nations striving to recover from the COVID-19 pandemic and its devastating impacts, efforts must focus on decarbonizing the global economy and building a more inclusive and resilient future, the UN Secretary-General said.
Addressing the fourth Ministerial Meeting of the Coalition of Finance Ministers for Climate Action, Secretary-General António Guterres urged greater leadership and vision.
“Your recovery plans will determine the course of the next 30 years. We need speed, scale, and decisive leadership. I count on this coalition to rise to the challenge,” he said.
The meeting brought together top officials from around the world to discuss the impact of the COVID-19 pandemic on fiscal policies related to climate change.
The Secretary-General called on the ministers to serve as models and advocates for a green recovery, noting the need for governments to align COVID recovery and stimulus plans with the goals of the Paris Agreement on climate change.
“That means investing in green and decent jobs. Do not bail out polluting industries. End fossil-fuel subsidies. And take climate risks into account in all financial and policy decisions”, said Mr. Guterres, welcoming steps to embed climate goals into macroeconomic policies and recovery measures.
Alongside, the UN chief also called for sharp and permanent cuts in greenhouse gas emissions.
“Coal should not be part of any recovery plans”, he stressed.
Mr. Guterres also called on finance ministers to commit to achieving carbon neutrality by 2050, and to submit more ambitious nationally determined contributions before the 26th Conference of the Parties to the UN Framework Convention on Climate Change (COP26), to be held in Glasgow in November 2021, after being postponed this year due to the pandemic.
Mr. Guterres also called on the ministers, together with central banks and financial regulators to ensure that every financial decision takes climate risks and opportunities into account.
This includes improving the quality and quantity of climate-related financial disclosures, ensuring that the financial sector can measure and manage climate-related financial risks, and creating approaches and frameworks for measuring portfolio alignment with the transition to net-zero, he explained.
In his address, the Secretary-General also underlined the importance of international cooperation and solidarity in recovery efforts.
Noting their important role in national, regional, and multilateral development finance institutions as well as in shaping their strategic direction, Mr. Guterres called on the finance ministers to use their “voice and voting power” to ensure that by COP26, these institutions agree to align their policies, portfolios, and pipelines with the 1.5-degree goal of the Paris Agreement.
Original source: UN News
