NAIROBI – The UN Secretary-General António Guterres on Tuesday called for new measures, including financial packages, debt relief, and a review of the global financial system to enable African countries to deal effectively with climate disasters.
Guterres also reminded rich countries to deliver on their pledge to make funds required to combat climate change available to poor countries to respond effectively to climate chaos.
“Rich countries must keep their promises to avail climate funds,” he told African leaders gathered in the Kenyan capital, Nairobi, at the Africa Climate Summit to discuss continental response mechanisms to climate change, reported Xinhua.
The African leaders meeting in Nairobi for the inaugural climate summit have proposed several measures, including debt negotiations with the rich countries to free funds for dealing with climate change.
Addressing a news conference shortly afterward, the UN chief called for a US$500 billion financial stimulus package every year to help developing countries invest in their populations and develop systems required to accelerate the achievement of the Sustainable Development Goals.
“I renewed my call for the world to step up climate action to avoid the worst effects of climate change, keep global promises to provide essential support, and help Africa make a just and equitable transition to renewable energy,” Guterres said.
He said there was an urgent need for an early warning system for climate change which must also be implemented alongside comprehensive financial measures to respond to the climate change chaos.
According to Guterres, Africa could become a renewable energy superpower.
“Now is the time to bring together African countries with developed countries, financial institutions, and technology companies to create a true African Renewable Energy Alliance. And all of that requires addressing another injustice: an outdated, unfair, and dysfunctional global financial system,” Guterres said.
The UN chief said on average, African countries pay four times more for borrowing than the United States, and eight times more than the wealthiest European countries.
He said turbocharging a just and equitable green transition — while supporting development more broadly across Africa — requires a dramatic course correction.
This means ensuring an effective debt-relief mechanism that supports payment suspensions, longer lending terms, and lower rates.
Guterres called for recapitalising and changing the business model of Multilateral Development Banks so they can massively leverage private finance at affordable rates to help developing countries build truly sustainable economies.
Earlier, leaders who addressed the summit warned the continent faced a potential debt crisis because most countries, ravaged by drought, flooding, and cyclones, were battling serious financial challenges, including the need for portable water for wildlife in drought-ravaged wildlife parks. – Bernama
