Guterres cites $95bn oil profits: vulnerable nations need finance
New Delhi, 12.11.2026 – By NewsIP Bureau :
UN Secretary-General António Guterres told the COP31 Leaders’ Summit on 11 November that climate disasters are pounding lives, livelihoods and economies across the globe. He said emissions reached an all-time high in 2025 and warned that current national climate plans fall far short of the cuts needed to limit warming.
“The brutal truth is that the climate crisis is outrunning us.”
Guterres said the four years preceding his address were the hottest on record and that an overshoot above the Paris Agreement’s 1.5-degree temperature limit was now inevitable. But he argued that the scale and duration of that overshoot still depended on decisions governments make, calling for stronger leadership and faster action.
Emissions cuts and renewable targets
The Secretary-General said global emissions must fall by around 6 per cent each year. Current national plans, including conditional commitments, would deliver at best one-third of that reduction, he said. Even if fully implemented, those plans would leave the world on course to exceed 2.5 degrees of warming by the end of the century, crossing dangerous and irreversible tipping points.
Guterres pointed to the growth of solar power and electric vehicles as evidence that change can accelerate. Solar met nearly three-quarters of the growth in global electricity demand last year, while electric vehicles are set to account for nearly one in three cars sold this year, according to his remarks. He said clean energy is now the cheapest source of new electricity across most of the world.
He called for a just, orderly transition from fossil fuels, with credible national roadmaps and protections for affected workers and communities. His proposals included no new coal, no new oil and gas infrastructure that would put the 1.5-degree goal further out of reach, and faster expansion of renewables, electricity grids, storage and clean electrification. Guterres also cited targets from the recent UNEP Emissions Gap report: global renewable capacity should at least triple from 2025 levels by 2035, while unabated coal power should fall by at least 75 per cent.
Climate finance and the cost of inaction
Guterres framed access to finance as central to climate justice. He said emerging and developing economies outside China are home to nearly two-thirds of humanity but receive less than one-fifth of global clean-energy investment. Many pay two to three times more to borrow, he added, increasing the difficulty of funding a shift to cleaner energy and preparing for climate impacts.
He urged developed countries to deliver at least $300 billion a year by 2035 and to set plans to at least triple adaptation finance by then. He also called for the $1.3 trillion climate-finance goal to become real flows to developing countries, alongside greater lending by multilateral development banks and more private investment. His proposed Climate Justice Compact would combine a just energy transition, protection for people, accessible finance and international cooperation.
The speech highlighted a stark contrast in the sums involved. Guterres said the nine largest oil companies pocketed $95 billion in profits in the last quarter alone, while the Loss and Damage Fund had received around $600 million. He said the oil companies’ profits in that period equalled what they made in about 14 hours, and called for governments to tax windfall profits to help vulnerable countries recover. “Polluters must pay.”
Guterres also called for universal early-warning coverage and stronger protection from floods, droughts and rising seas. Where adaptation reaches its limits, he said, support for loss and damage should be swift and accessible. He warned that communities unable to adapt could contribute to instability spreading across borders.
What remains unresolved
The remarks set out demands for governments and financial institutions but did not identify country-specific commitments or a decision timetable for the proposed compact. Guterres said the climate process should be judged by implementation on the ground, not negotiations alone. He also urged countries to cooperate on electricity grids, critical minerals, methane and early-warning systems.
Guterres said he would no longer be Secretary-General starting next year, but pledged to keep advocating for climate action. The speech’s proposals place the focus on the next steps for governments: turning emissions targets, finance promises and adaptation plans into measures that reach countries and communities.
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