UN Secretary General António Guterres has urged the G20 to lead the way to ensure financial, structural and climate justice at a time when people are hurting and the planet burning.

Mr Guterres stated this during his remarks to the virtual G20 Summit convened by India on Wednesday. Addressing the summit from Santiago, Chile, he noted that the world’s advanced economies could take the lead in ensuring financial, structural and climate justice.

He said that the world, particularly developing countries, was facing “a perfect storm,” with growing inequalities, climate chaos, conflicts and hunger.

Meanwhile, fiscal space is tightening for many, with crushing debt burdens and skyrocketing prices.

“This is a recipe for global instability and suffering,” he said.  

The UN chief called for G20 members to help lead the way in financial justice and commended their support for his $500 billion annual stimulus plan to accelerate achievement of the Sustainable Development Goals.

He noted that he would establish a Leaders Group to monitor the implementation of the SDG Stimulus to enable $500 billion in additional long-term development finance.

He underscored the need to work to reform the current global financial architecture, describing it as “outdated, dysfunctional and unfair,” and commended the bloc’s action to reform multilateral development banks, as well as Brazil’s focus on global governance during its presidency of the forum.

However, “practical solutions must be tabled” at the summit of the Future next September, he stressed, referring to the UN conference to reaffirm commitment to sustainable development.

Mr Guterres who is in Chile will travel to Antarctica before heading to the UN climate conference COP28 which opens next week in Dubai, United Arab Emirates.

He urged the G20 to deliver “an ambitious, credible and just outcome” to keep the goal of limiting global warming to 1.5 degrees Celsius above pre-industrial levels, as outlined in the Paris Agreement on climate change.

He said, “This means getting the loss and damage fund up-and-running with early pledges, delivering all promised financial support, tripling renewable capacity, doubling energy efficiency, and bringing clean power to all by 2030. It also means phasing-out fossil fuels, with a clear timeframe aligned to the 1.5-degree limit.”

Mr Guterres began his remarks by welcoming the agreement reached by Israel and Hamas on a humanitarian pause in Gaza and the release of hostages.

“This is an important step in the right direction, but much more needs to be done to end the suffering,” he said.

He added that the UN “will mobilise its capacities to support the implementation of the agreement and maximise its positive impact on the dramatic humanitarian situation in Gaza.”

(NAN)