Guterres seeks huge renewable investment shift from fossil fuels

UN chief calls for Cop28 push for a just and equitable transition to limit global warming

UN Secretary General Antonio Guterres at a climate briefing at UN headquarters in New York on Thursday. AFP

UN Secretary General Antonio Guterres has called for an accelerated agenda to drive a just transition for the global energy system to meet net zero goals and deadlines.

The UN leader said the fossil fuel industry was the vital player in the push to meet the Paris Agreement target of capping global warming at 1.5ºC above pre-industrial levels. Speaking ahead of the Cop28 meeting that starts in the UAE in November, he stressed the importance of how the transition is achieved.

“We are hurtling towards disaster, eyes wide open”, he said. “It’s time to wake up and step up. The world must phase out fossil fuels in a just and equitable way.

"At Cop we have to make sure that those companies that are more linked to the oil and gas sectors recognise how important it is to be leaders in the creation of the economy of the future.

"We must invest in new technologies – on all fronts," he said. "But what is not fair is not to do the right things today based on the thinking that maybe one day there will be a technology that saves us."

In particular the UN chief raised the issue of insurers forced to quit the post-Glasgow international financial alliance by the threat of anti-trust action by US states. The UN leader called for detailed plans from financial institutions, saying they must encourage the global energy transformation.

Plans should include an explicit strategies for promoting the transition.

Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Cop28 President-designate, told UN-led climate talks in Bonn this month that scaling up renewable energy would assist in the phasing out of fossil fuel.

Dr Al Jaber said there must be transformational shifts, but that these must come in tandem with energy security. He called for “a transition that promotes policies and investments that scale up renewable energy, while working towards an energy system that is free of unabated fossil fuels”.

“The phase-down of fossil fuels is inevitable. The speed at which this happens depends on how quickly we can phase up zero carbon alternatives, while ensuring energy security, accessibility and affordability."

Mr Guterres echoed some of those points when he said this week the transition must not only meet the goal of limiting global warming to 1.5°C but represent a just and inclusive package, bringing all countries and regions along. He said there must be a commitment to "massively boosting renewable investment in a just transition".

The oil and gas industry was encouraged by Mr Guterres to present credible, comprehensive and detailed new transition plans that include reducing emissions “up and down the value chain” – from production through to refining, distribution and use.