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New Climate Justice Pact
At the COP31 summit in Antalya, UN Secretary-General António Guterres called for the adoption of a new climate justice pact based on shared responsibility and built around four pillars: accelerating a just transition away from fossil fuels, protecting the most vulnerable, providing adequate financing, and strengthening cooperation. He said that limiting warming to 1.5°C requires tripling global renewable energy capacity by 2035 compared with 2025, and cutting unabated coal-fired power generation by at least 75%. He also urged developed countries to provide at least $300 billion a year in climate finance by 2035, and proposed taxing windfall profits of oil companies to support the countries hardest hit by climate change. He noted that nine companies are on track to earn more than $95 billion over three months.
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