Global Leaders Call for Urgent Climate Finance at U.N. Summit

The U.N. Secretary-General António Guterres launched a climate-themed Summit for the Future, emphasizing the urgent need for global cooperation. Leaders underscored the impact of climate-fueled disasters and called for increased climate finance. Discussions also highlighted mistrust between global institutions and the need for reform in governance.

U.N. Secretary-General António Guterres launched a two-day climate-themed 'Summit for the Future' on Sunday as part of the U.N. General Assembly, where leaders warned of growing mistrust between nations as climate-fueled disasters mount. The summit aims to foster cooperation with a 'Pact for the Future,' focusing on urgent access to climate finance.

'International challenges are moving faster than our ability to solve them,' Guterres told leaders. 'Crises are interacting and feeding off each other – for example, as digital technologies spread climate disinformation, deepening distrust and fueling polarization.' Barbados Prime Minister Mia Mottley called for a 'reset' in global governance to better respond to crises and serve those most in need.

The climate summit continues Monday with speeches from China, India, and the United States. U.S. President Joe Biden will also deliver a speech this week with notable attendees including actress Jane Fonda and World Bank President Ajay Banga. The week, coordinated by The Climate Group, will feature some 900 climate-related events across New York City, hosted by multinational corporations, international non-profits, governments, and activists.

Climate negotiations have intensified as global temperatures rise, causing more extreme weather events. The General Assembly's global pact aims to transition away from fossil fuel use but did not advance beyond last year's COP28 summit. As the U.N.'s COP29 climate summit in Baku looms, leaders have two months to agree on a new global finance target to replace the annual $100 billion pledge expiring in 2025.

The World Bank and multilateral development banks are undergoing reforms to make more climate funding available. Countries are exploring new global taxes to aid climate finance. Commonwealth Secretary General Patricia Scotland emphasized the debt burden on developing countries facing climate-fueled disasters, calling for more support from development banks and the World Bank.

(With inputs from agencies.)