António Guterres calls for end to fossil fuel subsidies

The Secretary General of the United Nations, António Guterres, called for increased funding for climate adaptation especially for vulnerable countries.

The UN chief also urge countries across the globe to pit an end to fossil fuel subsidies.

Guterres made the call while speaking at the Paris Finance Summit in France on Thursday.

This calls is coming weeks after Nigeria’s 16th President, Bola Tinubu ended subsidy on Premium Motor Spirit (PMS). The move is however, butting hard on the masses of the country as there are no palliative to cushion the effect of the subsidy removal.

Government and the labour unions in the country few days back resumes negotiations on the subsidy removal.

The UN chief decried the debt burden on some African states, noting that, “many African States were spending more on debt repayments than on desperately needed healthcare, and that over 50 countries were either in default or “dangerously” close to it.

He called for a debt relief mechanism that supports payment suspensions, longer lending terms and lower rates to make borrowing more affordable for poorer nations, as well as increased access to liquidity for developing countries via the International Monetary Fund’s Special Drawing Rights.

Mr. Guterres also called for joint action against the prevailing financial crisis, warning delegates that ignoring the challenge is not an option.

“Taken together, these steps would help to beat poverty and hunger, uplift developing and emerging economies, and support investments in health, education and climate action,” he said, stressing that the measures would enable a “giant leap” towards global justice.

“Doing nothing is simply not an option and at the halfway point to reaching the 17 Sustainable Development Goals (SDGs) they are “drifting further away by the day”.