# Guterres Demands $1.3 Trillion Annual Climate Finance at COP31 UN Chief calls for fossil fuel accountability and urgent funding for developing nations. - **Source:** [Premium Times Nigeria](https://www.premiumtimesng.com) - **Published:** 2026-11-11 - **Topic:** [climate](https://brifing.si/c/climate) - **Original article:** - **On Brifing:** https://brifing.si/s/402d56a0-fe79-4cfc-9a79-b8399990f9bf ## Ambitious Global Funding Target UN Secretary-General António Guterres has formally called for $1.3 trillion in annual climate finance for developing nations by 2035. Speaking at the COP31 summit in Antalya, he emphasized that current commitments are insufficient to address the escalating climate crisis, which is currently outpacing global mitigation efforts and shattering historical heat records. ## Bridging the Financial Gap The proposed $1.3 trillion target builds upon the $300 billion annual goal established at COP29. Guterres stressed that these figures must transition from political declarations into tangible capital. Developing nations, excluding China, currently receive less than one-fifth of global clean energy investments despite representing two-thirds of the world's total population. ## High Cost of Capital Developing economies face significant barriers, often paying two to three times more to borrow funds for renewable energy projects compared to wealthier nations. This financial disparity forces many countries to remain dependent on fossil fuels, as they cannot secure the affordable financing necessary to transition their national energy infrastructures toward cleaner alternatives. ## Fossil Fuel Industry Criticism Guterres sharply criticized the fossil fuel industry, accusing it of obstructing climate policy through aggressive lobbying. He compared the industry to dinosaurs, noting that unlike prehistoric creatures, fossil fuel interests actively distort scientific evidence to delay transitions. He argued that the world can no longer justify continued reliance on coal, oil, and gas. ## Windfall Profit Taxation Highlighting extreme inequality, Guterres noted that nine major oil companies generated $95 billion in profits in a single quarter. In stark contrast, the global Loss and Damage Fund has only secured approximately $600 million. He urged governments to tax these windfall profits to support vulnerable nations suffering from climate-related disasters. ## Emission Reduction Realities Global emissions reached all-time highs in 2025, necessitating an annual reduction of approximately six percent to meet climate goals. Guterres warned that even if current national climate plans are fully implemented, they would only deliver about one-third of the required emission cuts, leaving a dangerous gap in the global climate response strategy. ## Renewable Energy Momentum Despite challenges, renewable energy is becoming increasingly competitive. Solar power met nearly three-quarters of the growth in global electricity demand last year, a significant increase from one percent a decade ago. Additionally, projections suggest that nearly one in three new cars sold globally will be electric by the year 2026. ## National Perspectives on Transition Australian Prime Minister Anthony Albanese highlighted the existential threat to Pacific island nations, where average elevations are just 1.83 metres. Meanwhile, Ethiopian Prime Minister Abiy Ahmed emphasized that climate action is central to economic policy, noting that Ethiopia generates over 90 percent of its electricity from hydropower and is actively restoring degraded lands. ## Urgent Need for Accountability The COP31 summit, co-hosted by Türkiye and Australia, serves as a critical platform for implementing international climate commitments. Success depends on whether developed nations and multilateral banks can provide predictable, accessible funding. Without concrete milestones and transparent financial mechanisms, the global transition to a sustainable, low-carbon economy remains at significant risk. ## Sources covering this story - https://www.premiumtimesng.com/news/top-news/924543-cop31-guterres-faults-fossil-fuel-lobby-demands-1-3tn-for-developing-countries.html — --- _Summary written by Brifing from the original reporting. Copyright in the original article belongs to its publisher; read the full piece at the link above._