Disaster is imminent

Mr Guterres said limiting global temperature rise to 1.5C was still possible but would require a 45% reduction in carbon emissions by 2030. However, current policies would lead to a 2.8C temperature rise by the end of the century, which he called “catastrophic”.

He called for immediate global action towards net zero emissions, which must start at the polluting heart of the climate crisis: the fossil fuel industry.

Countries must gradually phase out fossil fuels and boost investment in renewable energy, the UN chief said.

He has previously proposed a Climate Solidarity Pact, in which wealthy nations would help emerging economies cut emissions.

Another proposal is for governments to phase out coal by 2040, end international and private coal funding, and shift subsidies from fossil fuels to renewable energy.

Mr Guterres said the fossil fuel industry and its backers had a special responsibility, with the sector generating a record $4 trillion in revenue last year. Yet for every dollar spent on drilling and exploration for oil and gas, only four cents went to clean energy production and carbon capture.

Leading the transformation

Mr. Guterres stressed that the fossil fuel industry should use its vast resources “to accelerate, not hinder” the global transition to renewable energy. He said the industry was currently failing to even meet its own low-emissions targets.

UN officials are calling on fossil fuel companies to come up with new, credible, comprehensive and detailed transition plans that include emissions reductions – from production to refining, distribution and use. The plans must also set clear, short-term targets for the transition to “green” energy.

At the same time, fossil fuel companies must stop trading influence and legal threats.

“Governments have a key role to play in making these plans work, and they can help by providing clear assurances. Collective climate action does not violate antitrust, it maintains public trust,” Mr. Guterres said.

The UN chief also called on financial institutions to draw up detailed plans, saying they must encourage a global energy transition. Plans should include a clear strategy to phase out fossil fuels from their portfolios to ensure they are aligned with the net zero emissions target.

“Financial institutions everywhere must end lending to, underwriting and investing in coal wherever they exist – including new coal infrastructure, power plants and mines,” said Mr. Guterres. “They must also commit to ending financing and investing in the exploration of new oil and gas fields and the expansion of oil and gas reserves, and instead invest in a just transition across the developing world as we now know it.”

In a related development, the International Energy Agency (IEA) has just said that renewable energy is growing rapidly and is expected to surpass investment in oil production this year. However, fossil fuel use has not decreased enough to meet emissions reduction targets by 2050.

Scientists now agree that countries need to significantly cut their greenhouse gas emissions to achieve their climate goals, with a shift from fossil fuels to clean energy sources seen as the most sustainable approach.