Fossil fuel industry should apply its massive resources to drive global transition to renewable energy: Guterres

NEW YORK, 15th June, 2023 (WAM) – Countries must phase out coal and other fossil fuels to avert climate “catastrophe”, UN Secretary-General António Guterres warned on Thursday in New York.

“We are hurtling towards disaster, eyes wide open”, he said. “It’s time to wake up and step up.”

Guterres was speaking to journalists at the UN Headquarters following a meeting with civil society climate leaders from across the world.

According to UN News Centre, he said limiting global temperature rise to 1.5 degrees Celsius is still possible but will require a 45 per cent reduction in carbon emissions by 2030.

However, current policies will lead to a 2.8°C temperature rise by the end of the century, which “spells catastrophe”.

He called for immediate global action toward net-zero emissions, which “must start with the polluted heart of the climate crisis: the fossil fuel industry.”

Countries must progressively phase out fossil fuels, “moving to leave oil, coal and gas in the ground where they belong”, and massively boost investment in renewable energy, he said.

The UN chief has previously proposed establishing a Climate Solidarity Pact under which rich nations would support emerging economies with cutting emissions.

“But the fossil fuel industry and its enablers have a special responsibility,” he said, noting the record “$4 trillion windfall” in income last year.

“Yet for every dollar it spends on oil and gas drilling and exploration, only four cents went to clean energy and carbon capture combined. Trading the future for 30 pieces of silver is immoral,” he said.

Mr. Guterres stressed that the fossil fuel industry should apply its massive resources “to drive, not obstruct” the global transition to renewable energy.

The industry currently “is not even reaching the very low operational emissions reductions targets it has set for itself,” he said.

He called for fossil fuel companies to present credible, comprehensive and detailed new transition plans that include reducing emissions “up and down the value chain” – from production through to refining, distribution and use.

Plans must also establish clear, near-term targets towards the transition to ‘green’ energy.

The UN chief also called for detailed plans from financial institutions, saying they must encourage the global energy transformation.

Plans should include an explicit strategy to progressively strip out fossil fuel assets from their portfolios to ensure alignment with the net-zero goal. All lobbying and policy engagement also should be disclosed.