UNITED NATIONS: UN Secretary-General Antonio Guterres on Wednesday told world leaders humanity’s addiction to fossil fuels had “opened the gates to hell” as he kicked off a climate summit where leading polluters China and the United States were conspicuous by their absence.

“We must make up time lost to foot-dragging, arm-twisting and the naked greed of entrenched interests raking in billions from fossil fuels.”

Guterres has billed the Climate Ambition Summit as a “no nonsense” forum where leaders or cabinet ministers will announce specific actions that deliver on their commitments under the Paris Agreement.

Lloyd’s and UN fund join forces over climate insurance access for developing nations

In his opening speech, he evoked 2023’s “horrendous heat” and “historic fires,” but stressed: “The future is not fixed: It is for leaders like you to write.

“We can still limit the rise in global temperature to 1.5 degrees. We can still build a world of clear air, green jobs and affordable clean power for all,” he said, referring to the target seen as needed to avoid long-term climate catastrophe.

The bar for the podium was set high, with the UN chief making it clear that only leaders who had made concrete plans to achieve net-zero greenhouse emissions would be allowed to speak.

“Many of the poorest nations have every right to be angry — angry that they are suffering most from a climate crisis they did nothing to create, angry that promised finance has not materialized, and angry that their borrowing costs are sky-high,” Guterres said.

The UN’s Green Climate Fund for disbursing climate finance to developing countries also said it planned to launch a new initiative during the event.

Meanwhile, Lloyd’s of London is teaming up with the United Nations Capital Development Fund to improve access to insurance for climate vulnerable countries, with an initial focus on Fiji and Pacific island countries.

The UN fund and the Sustainable Markets Initiative’s Insurance Task Force, said on Wednesday they would work together to build insurance products for financial resilience against climate shocks in small island developing nations and least developed countries.

Published in Dawn, September 21st, 2023