Response to United Nations Secretary-General António Guterres’ remarks at London Climate Action Week

In response to United Nations Secretary-General António Guterres’ remarks at London Climate Action Week, Laurie van der Burg, Public Finance co-lead at Oil Change International, said:

“Secretary-General Guterres is right to treat this moment with the urgency it demands. As communities across the world face record heat, climate disasters, economic volatility, and geopolitical conflict, continued dependence on fossil fuels is driving chaos that threatens people’s safety and futures. While fossil fuel companies cash in, working people are paying for their excessive profits through unaffordable energy bills. The path to real energy security lies in accelerating the transition to affordable, renewable energy. 

“We welcome the Secretary-General’s decision to convene world leaders in September to discuss how they will cooperate to accelerate the transition away from fossil fuels and make it orderly and fair. That summit must be more than another moment for speeches. Countries should arrive with concrete government-led transition plans that include strong commitments to phase out fossil fuels, the financial reforms and the government funding needed to ensure all countries can build a renewable energy future. Countries can either double down on fossil fuels and get caught up in the next fossil fuel crisis, or they can choose economic and energy sovereignty by planning for a just transition. The right choice is obvious.

“We also welcome the Secretary General’s focus on financing the transition to renewable energy. However, let’s be clear that private-sector funding schemes such as derisking or blended finance have consistently failed at delivering finance at the speed and scale needed for the transition. Countries can raise the necessary public funding through taxing the obscene profits that the oil and gas industry has been reaping through the crisis. Rich countries must also stop blocking reforms to outdated global debt, tax, and trade rules that are critical to make the energy transition possible and fair for the most climate-vulnerable countries. A funded and fair fossil fuel phaseout is possible and in countries’ self-interest and planning for it can no longer be delayed.”

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Notes:

Guterres speech Web page featuring a livestream, speech materials, publications, and related resources.