UN chief calls for reform of global financial institutions
United Nations Secretary-General Antonio Guterres called for the reform of global financial institutions and urged action to address the debt crises affecting some countries.
United Nations(UN) chief Antonio Guterres said on Thursday that India is a “good example” as solar auctions have seen popularity amidst the height of the COVID-19 pandemic, underlining that renewable energy is the only energy source expected to grow in 2020 and offers more jobs than the fossil fuel industry.
The UN Secretary-General urged the international community to commit to further usage of coal and to end all external financing of coal in the developing world, in his remarks to the International Energy Agency “Clean Energy Transition Summit”.
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“Coal has no place in COVID-19 recovery plans. Nations must commit to net-zero emissions by 2050 and submit more ambitious national climate plans before COP-26 next year,” he said.
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“The seeds of change are there. Renewable energy is the only energy source expected to grow in 2020. Solar auctions have seen popularity amidst the height of the pandemic. India serves as a good example. Renewables offer three times more jobs than the fossil fuel industry,” Guterres added.
Guterres said he has asked all countries to consider six climate positive actions as they rescue, rebuild and reset their economies.
“We need to make our societies more resilient. We need green jobs and sustainable growth,” he said, adding that bailout support to sectors such as industry, aviation and shipping should be conditioned on alignment with the goals of the Paris Agreement.
Countries also need to stop wasting money on fossil fuel subsidies and place a price on carbon, he said, noting that countries need to consider climate risk in their decision making.
“Every financial decision must take account of environmental and social impacts. Overall, we need to work together,” he said.
Last month, Adani Green Energy said it has bagged the first of its kind manufacturing-linked solar contract worth Rs 45,000 crore from the Solar Energy Corporation of India (SECI) to develop 8 GW electricity generation capacity and 2 GW equipment manufacturing facility in the country.
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