New funding from governments for fossil fuel exploration or production is simply “delusional” the UN chief warned on Tuesday, adding that it would only “further feed the scourge or war, pollution and climate catastrophe.” António Guterres was speaking at the Sixth Austrian World Summit on the climate crisis, convened by the Austrian Government and former Governor of California and Hollywood actor turned climate activist, Arnold Schwarzenegger.

The window to prevent the worst impacts of the climate crisis is closing fast, the UN chief warned, and to keep the 1.5-degree goal of limiting global warming within reach, emissions must be cut by 45 per cent by 2030, with net zero emissions by 2050. “But current national commitments will lead to an increase by almost 14 per cent this decade”, he said, while, energy-related CO2 emissions grew six per cent just last year, “when they should be falling.” And, at a time when we should all come together in the fight for our lives, senseless wars are tearing us apart”, he added.

The paradox, he said, is that cheaper, fairer and more reliable energy options should have been developer sooner, and faster, including wind and solar. Solar energy and batteries have fallen in price by 85 per cent, over the past decade, while wind power has become 55 per cent cheaper.

First, make renewable energy technology a global public good, including removing intellectual property barriers to sharing technology. Second, improve global access to supply chains for renewable energy technologies components and raw materials. Third, reform the red tape that is holding back the renewable production revolution. Fourth, a shift in energy subsidies from fossil fuels to renewable energy, while addressing the potential consequences for the most vulnerable. And fifth, a tripling in investments in renewables.

Source: The UN


The post Climate change: More fossil fuel investment, just ‘delusional’, warns Guterres appeared first on