ANTALYA, Türkiye, Nov. 13 (Xinhua) -- UN Secretary-General Antonio Guterres on Friday urged developed countries to step up climate financing for developing nations, describing the global climate finance system as marked by "structural injustice."
Speaking at a press conference at the 31st United Nations Climate Change Conference (COP31) in the Turkish coastal city of Antalya, Guterres pointed to the massive funding gap for vulnerable countries.
"Developing countries, particularly the most vulnerable, will need far greater support for adaptation and for loss and damage," he said. "Even tripling adaptation finance would meet less than 30 percent of what is needed."
Noting that commitments made by developed countries fall short of actual needs, Guterres added: "Those that pollute more have not created the conditions to gather the resources that are necessary to adequately respond to the needs of those that suffer."
The UN chief also called for more effective use of existing financial resources to expand funding for climate action.
He said that channeling public funds into the capital of multilateral or national development banks could significantly multiply their impact, allowing an initial investment of one U.S. dollar to mobilize as much as eight to 10 dollars in financing.
Guterres also urged national and multilateral development banks to expand their use of guarantees to mobilize private-sector financing.
Climate finance has remained a central focus of COP31 negotiations, with developing countries seeking greater support to address climate impacts and strengthen their resilience.
