COP31: Guterres faults fossil fuel lobby, demands $1.3tn for developing countries

The $1.3 trillion annual financing ambition is not an entirely new commitment. It builds on the climate finance agreement reached at COP29 in Baku, Azerbaijan, in 2024

United Nations Secretary-General António Guterres has called on developed countries and international financial institutions to mobilise at least $1.3 trillion annually for developing countries by 2035, warning that the global response to climate change is falling far behind the scale of the crisis.

He also demanded an accelerated transition away from fossil fuels, accusing powerful industry interests of obstructing climate action while continuing to profit from activities contributing to global warming.

Mr Guterres made the demands on Wednesday at the World Leaders Summit of the 31st United Nations Climate Change Conference (COP31) in Antalya, Türkiye, where heads of state and government gathered to discuss the implementation of international climate commitments.

He said global emissions needed to decline by about six per cent annually, arguing that existing national climate plans, even if fully implemented, would deliver only about a third of the required reductions.

“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.

Mr Guterres’ demand comes amid continuing concerns over the availability and accessibility of climate finance for developing countries, many of which face high costs in responding to extreme weather, protecting vulnerable communities and reducing emissions.

The $1.3 trillion annual financing ambition is not an entirely new commitment. It builds on the climate finance agreement reached at COP29 in Baku, Azerbaijan, in 2024, which established a goal of mobilising at least $300 billion annually for developing countries by 2035, led by developed countries, alongside a broader call to scale up funding from all sources to at least $1.3 trillion annually by the same year.

However, Mr Guterres said the wider financing ambition must move beyond political declarations to become actual funding available to countries that need it.

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

He noted that emerging and developing economies outside China account for nearly two-thirds of the world’s population but receive less than one-fifth of global clean energy investments.

He added that many of these countries pay two to three times more to borrow, making it difficult to finance renewable energy projects and climate adaptation programmes.

According to him, the disparity risks deepening dependence on fossil fuels, as countries unable to secure affordable clean-energy financing may continue investing in conventional energy infrastructure.

He called for greater contributions from multilateral development banks, private investors and donor countries, including more favourable lending arrangements and innovative financing instruments.

He also urged governments to strengthen funding for the Green Climate Fund and the Fund for Responding to Loss and Damage, which supports vulnerable countries dealing with the consequences of climate-related disasters.

Beyond financing, Mr Guterres criticised the influence of fossil fuel companies on climate policy, arguing that the industry’s lobbying activities were slowing the transition to renewable energy.

He said the world could no longer justify continued dependence on coal, oil and gas when the economic and environmental costs of their use were becoming increasingly apparent.

“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,” he said.

He accused fossil fuel interests of distorting scientific evidence, delaying policy decisions and avoiding accountability for environmental damage.

He argued that renewable energy had become increasingly competitive, noting that solar power, which accounted for only one per cent of global electricity generation a decade ago, met nearly three-quarters of the growth in electricity demand in the previous year.

He also cited the growing adoption of electric vehicles, saying nearly one in three new cars sold globally was expected to be electric in 2026.

Mr Guterres said three-quarters of the world’s population live in countries that import fossil fuels, leaving them vulnerable to international price fluctuations and energy insecurity.

He called for a just and orderly transition that would include ending new unabated coal development, reducing methane emissions and expanding electricity grids, energy storage and clean electrification.

He also urged governments to tax windfall profits made by fossil fuel companies and direct the proceeds towards countries affected by climate disasters.

Citing the financial disparity between oil companies and climate-vulnerable countries, he said the nine largest oil companies made $95 billion in profits in the last quarter, while the Loss and Damage Fund had received approximately $600 million.

“That is what these companies made in about 14 hours,” he said.

The COP31 World Leaders Summit, taking place on 11 and 12 November, is part of the conference’s high-level discussions, which run from 9 to 20 November in Antalya.

The conference is being hosted by Türkiye, while Australia is leading the formal negotiations under an agreed partnership arrangement.

Other leaders at the summit also called for increased climate financing and practical interventions to protect vulnerable countries.