We are in a race against time. 

As I said at the opening of COP28, our planet is minutes to midnight for the 1.5-degree limit.

And the clock keeps ticking. 

Now is the time for maximum ambition and maximum flexibility. 

It is time to seek compromise for solutions — without compromising on the science or compromising on the need for the highest ambition.

In our fractured and divided world, multilateralism remains our best hope to tackle global challenges.

The Global Stocktake must offer a clear plan for a tripling of renewables, a doubling of energy efficiency and a single-minded focus on tackling the root cause of the climate crisis — fossil fuel production and consumption. 

Of course, transformation won't happen overnight. 

Decarbonization will create millions of decent new jobs, but governments must also ensure support, training and social protection for those who may be negatively impacted. 

At the same time, the needs of developing countries highly dependent on the production of fossil fuels must also be addressed.

But it is essential that the Global Stocktake recognizes the need to phase out all fossil fuels on a timeframe consistent with the 1.5-degree limit — and to accelerate a just, equitable and orderly energy transition for all.

A transition that takes into account the principle of common but differentiated responsibilities and respective capabilities, in light of national circumstances — not to reduce ambition but to combine ambition and equity.

That is the reason I proposed the Climate Solidarity Pact — in which big emitters make extra efforts to cut emissions and wealthier countries support emerging economies to be able to do so. 

The timelines and targets might be different for countries at different levels of development, but they all must be consistent with achieving global net zero by 2050 and preserving the 1.5-degree goal. 

Many developing countries are drowning in debt, have no fiscal space and are churning in climate chaos. 

We need all commitments made by developed countries on finance and adaptation to be met — fully and transparently. 

We need increased capital and reform of the business model of multilateral development banks to massively increase direct support — and to leverage far more private finance at reasonable costs for developing countries' climate action efforts.

And we need far more adaptation ambition.                                                        

COP28 must send clear signals that governments have grasped the scale of the adaptation challenge, and that it is a priority not just for developing countries, but the entire world.

The doubling of adaptation finance to $40 billion by 2025 must be an initial step toward allocating at least half of all climate finance toward adaptation. 

Looking ahead, the next two years are vital.

First, to establish a new and meaningful global climate finance goal beyond 2025, reflecting the scale and urgency of the climate challenge. 

Second, for governments to prepare and present new national climate action plans — or Nationally Determined Contributions — that are economy-wide, cover all greenhouse gases and are fully aligned with the 1.5-degree temperature limit.

We can't keep kicking the can down the road. We are out of road — and almost out of time.

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Excerpts from the UN Secretary-General's opening remarks at press encounter at COP28, 11 December 2023.