Guterres bemoans slow pace of climate change disaster fund for developing countries

CAPE TOWN - United Nations (UN) Secretary General Antonio Guterres has bemoaned the slow pace at which money is flowing into the Loss and Damage fund set up two years ago to help developing countries to deal with natural disasters caused by climate change.  

Speaking during a visit to Pretoria on Wednesday, the UN head said the money that flowed into the account when it was first established equated to the annual earnings of the world’s top ten football players.  

ALSO READ:

- Developing nations slam 'paltry' $300 bn climate deal

- Guterres hopeful Africa will get permanent seat on UN Security Council

- Guterres calls for global financial institutions to be reformed

Guterres said he wants to see South Africa use its G20 presidency to push for climate justice, particularly on the continent, which is bearing the brunt of the injustice.  

Guterres said Africa is standing on the precipice of a climate crisis.  

Despite causing minimal emissions, climate change is pummelling the continent, its people and its economies.  

As the world’s biggest emitters, Guterres said the G20 must lead the way in developing national action plans to lower the Earth’s temperature.  

He said that also meant developed countries must fulfill their finance commitments by meaningfully contributing to the UN’s Loss and Damage fund.  

“I would like to see the Loss and Damage fund with semi-novel, innovative forms of funding based on decisions that are taken and can be implemented, and not only be dependent on the goodwill of donors, because we have seen the goodwill of donors is very limited.”  

Guterres has been advocating for a levy on the production of oil and a carbon tax as means to fund the account.  

He said G20 nations in particular must help Africa to build green economies, anchored in renewable energy.