UN chief urges financial institutions to stop funding fossil fuels

UN chief urges financial institutions to stop funding fossil fuels
# 15 June 2022 05:34 (UTC +04:00)

UN Secretary-General Antonio Guterres on Tuesday called on all financial institutions to ditch fossil fuel financing, APA reports citing Xinhua

In remarks delivered via video to the Austrian World Summit in Vienna, the top UN official said that renewable energy was "the peace plan of the 21st century" and called on fossil fuel finance to be abandoned wholesale, in favor of the green alternative.

"I call on all financial actors to abandon fossil fuel finance and invest in renewable energy," he said.

"The only true path to energy security, stable power prices, prosperity and a livable planet lies in abandoning polluting fossil fuels, especially coal, and accelerating the renewables-based energy transition," he said.

The UN chief warned that the window to prevent the worst impacts of the climate crisis "is closing fast," and to keep the 1.5-degree goal of limiting global warming within reach, emissions must be cut by 45 percent by 2030, with net zero emissions by 2050.

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