Guterres calls for $1.3trn climate finance to back Africa’s green transition

António Guterres, secretary-general, United Nations has urged world leaders to deliver a $1.3 trillion annual climate finance plan by 2035, warning that developing regions like Africa risk being left behind in the clean energy transition unless access to affordable financing improves.

Speaking at the Plenary of Leaders of the Belém Climate Summit (COP30) on Thursday, Guterres said global capital is already shifting decisively toward clean energy, but political inertia and structural barriers are preventing developing countries from benefiting.

“Clean energy is winning on price, performance, and potential — offering the solutions to transform our economies and protect our populations. What’s still missing is political courage,” he told delegates.

Guterres disclosed that global investment in clean energy reached $2 trillion in 2024, outpacing fossil fuel spending by $800 billion. Solar and wind, he said, are now the cheapest and fastest-growing energy sources in history, driving economic growth, job creation, and energy security.

Despite these advances, he noted that Africa’s share of global renewable energy investment remains below 3%, even though the continent holds over a quarter of the world’s solar potential.

“Too many countries are starved of the resources to adapt — and locked out of the clean energy transition,” he said.

Guterres’ call echoes the financing needs of Nigeria’s Energy Transition Plan (ETP), which targets net-zero emissions by 2060 and requires over $10 billion annually to fund renewable energy, clean cooking, and green infrastructure.

Read also: Guterres to world leaders: ”Get serious, deliver’

Analysts say unlocking this finance depends on a stronger global framework for climate justice and concessional funding, alongside Nigeria’s own reforms to attract green bonds, carbon market investments, and ESG-aligned financing.

The UN chief also criticised continued fossil fuel subsidies and corporate lobbying, saying many firms “are making record profits from climate devastation while obstructing progress.” He urged governments to redirect subsidies toward renewables, resilience, and just transition programmes that protect workers and communities.

Guterres called for a “decade of acceleration and delivery,” pressing leaders to strengthen emission targets, phase out coal, scale up renewables, and deliver affordable finance to developing economies.

“No one can bargain with physics. But we can choose to lead — or be led to ruin. Choose to make Belém the turning point — for climate and for the global economy,” he concluded.