New York: On Friday, UN Secretary-General Antonio Guterres urged the world’s largest economies to spearhead a global COVID-19 vaccination plan, expand debt relief to developing countries hit by the pandemic, and increase funding for climate action.
To restore trust in multilateralism, we need to deliver on vaccines, economic recovery and climate finance,” he said in a video message to G20 finance ministers meeting in Venice, Italy. “With your leadership and political will, we can do it.”
As the coronavirus mutates, the Secretary-General warned of the threat posed by the “global vaccine gap.”
“Pledges of doses and funds are welcome – but they are not enough,” he said. “We need at least eleven billion doses to vaccinate 70 percent of the world and end this pandemic.”
Through the COVAX solidarity mechanism, the UN chief reiterated his appeal for a Global Vaccine Plan that would treble vaccine production and ensure equitable distribution of doses.
Finance Ministers and Central Bank chiefs were also urged to adopt a new $50 billion investment roadmap, launched last month and supported by the International Monetary Fund (IMF), aimed at ending the pandemic and accelerating the recovery process.
The Secretary-General urged the G20 to divert unused Special Drawing Rights, a sort of foreign reserve asset designed by the IMF, to the Fund’s new resilience and sustainability strategy for developing countries, as several are “on the verge of debt default.”
“Special Drawing Rights also need to be considered as additional funding, not deducted from Official Development Assistance,” he added.
As the current UN climate change conference, known as COP26, approaches, the UN head emphasized the need for action to reduce emissions as the globe struggles to keep global temperature rise to the 1.5 degree objective set out in the Paris Agreement.
“If COP26 in Glasgow is to be a turning point, we need all G20 countries to commit to achieve net zero by mid-century, and to present Nationally Determined Contributions aiming at a cut in global emissions by 45 per cent by 2030, compared to 2010 levels,” he said.
“Developing countries also need reassurance that their ambition will be met with financial and technical support,” he added.
The Secretary-General recalled wealthy countries’ commitment more than a decade ago to mobilize $100 billion per year for climate prevention and adaptation in developing countries. This arrangement, however, has not been honored. “A clear plan to fulfil this pledge is not just about the economics of climate change; it is about establishing trust in the multilateral system,” he said.
Developing countries would also require assistance in making the shift from fossil fuels like coal and oil to renewable energy sources, he added. He stated that while development banks’ assistance will be critical in this area, large-scale private finance is now accessible through a worldwide alliance of more than 160 financial firms dedicated to the net-zero target.
“To reinforce these efforts, the G20 must set ambitious, clear and credible climate policies, and ensure the private sector has the framework it needs through mandatory climate-related financial disclosures,” he said, adding “and we need all financiers to commit to no new international funding for coal, by the end of 2021.”
