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UN chief urges financial institutions to curb funding fossil fuels

United Nations, Jun 17 (Prensa Latina) The UN Secretary-General (UNSG) António Guterres on Friday called on all financial institutions to ditch fossil fuel financing and bet on renewable energies to keep the environment cleaner.

During his virtual speech at the Forum on Energy and Climate, called by the United States, Guterres emphasized fossil fuels do not make political or economic sense, even in the short term.

And yet, he stressed, they seem to be trapped in a world where producers and financiers “have humanity by the throat.”

He also pointed out that the Ukraine conflict should not be used to ramp up dependence on oil and coal.

“Had we invested massively in renewable energy in the past, we would not be so dramatically at the mercy of the instability of fossil fuel markets,” the UNSG stressed.

According to the United States, the virtual Forum focused on discussing energy and climate issues with senior officials from different countries, which account for 80% of the Global Gross Domestic Product (GDP).

Currently, the United States is among the world´s biggest carbon polluters, according to figures from the UN Environment Program. Most of these emissions come from fossil fuels, but also from cement manufacturing and gas combustion.