Answering accelerating crisis with action

Answering accelerating crisis with action | Daily Tribune

Meanwhile, fossil fuel companies are banking windfall profits — while everyday people foot the bill. Doubling down on oil and gas will only lock in vulnerability for decades.

Fortunately, we have a way out. Because the crisis is accelerating — but so are the solutions. Renewables are the cheapest, fastest, and most secure source of new electricity almost everywhere. Clean energy has gone from alternative to unstoppable.

In this room, we have major economies and frontline nations. Energy producers and consumers. Different circumstances — but a shared interest for a faster, fairer transition;

For energy security and independence. And for protecting people and livelihoods.

At a time of deep geopolitical division, you can show how cooperation can deliver — on four fronts.

First — we must accelerate. Even if fully implemented, national climate plans point to warming beyond 2 degrees. We must close that gap this decade — by tripling renewables, doubling efficiency, electrifying economies, slashing methane, halting deforestation, and speeding the transition from fossil fuels. I call on every country to develop a credible roadmap to transition away from fossil fuels — with clear timelines. The G20, responsible for 80 percent of global emissions, must lead. The principle of common but differentiated responsibilities must apply. But all countries must raise their ambition. Surging demand for power — not least from artificial intelligence — must be met with a surge in renewables, grids and storage.

Second — we must ensure fairness.

A just transition must be built with affected workers and communities — creating decent jobs and strengthening social protection. Developing countries must shape it and share its benefits — starting with clean power for the hundreds of millions still without electricity, most of them in Africa.

Third — we must finance the transformation.

The financial system must stop punishing vulnerability and start rewarding climate action. That means mobilizing at least 300 billion US dollars a year for developing countries — with developed countries taking the lead — and scaling up climate finance to 1.3 trillion US dollars a year by 2035.

Ensuring ambitious replenishment of the Green Climate Fund and the Fund for responding to Loss and Damage. Let’s be honest: the amounts available in the Loss and Damage Fund are completely ridiculous.

Making polluters pay. Easing debt burdens that choke investment — including by pausing repayments when disasters strike. Reforming the international financial architecture to give developing countries a stronger voice and participation. Making multilateral development banks bigger, bolder and better. And making every public dollar work harder — with guarantees and other risk-sharing instruments that lower the cost of capital and make it possible to mobilize private capital on a massive scale.