The problems of developing countries cannot be solved by COP28 alone, there needs to be changes to international financial architecture in order to make more resources available, the UN Secretary General said. 

Talking to journalists at COP28, Antonio Guterres said he had been advocating for a change in business model of multilateral international banks to make more resources available for developing countries. 

“We will not solve the problems of equity in relation to climate, only with climate finance,” he said.

Speaking on the penultimate day of COP28, being held in Dubai, Guterres said on Monday that this is the time for maximum ambition and maximum flexibility, to go into overdrive and negotiate in good faith.

“All commitments made by developed countries need to be transparently implemented,” he said, adding that he had been advocating for reforms in international financial architecture to make sure much more resources are available for developing countries not only to meet their objectives in climate action and mitigation but also to address the dramatic financial situation of many.

In response to questions from journalists, Guterres said: “Many developing countries are drowning in debt, they have no fiscal space, and that surely means climate chaos. We need all commitments made by developed countries on finance and adaption to be met fully and transparently.”

COP28 began with two encouraging steps, the Loss and Damage Fund, and the green climate fund, he said. “It is a start, but much more is needed,” he added. 

Guterres said the $40 billion adaptation finance by 2025 must be an initial step, towards allocating at least half of all climate finance towards adaptation. The next two years are vital and a new and meaningful climate goal is needed beyond 2025, Guterres said.  

“We must conclude COP28 with ambitious outcomes that demonstrates decisive action. We can’t keep kicking the can down the road. We are out of the road, and almost out of time,” he added.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)