UN chief: Stop funding new oil & gas plans

UN Secretary-General António Guterres on Monday called upon nations to cease the funding of all new oil and gas discoveries and projects, and stop the expansion of existing oil and gas reserves if the world has to avert a climate catastrophe.

- SUBHAYAN CHAKRABORTY

Speaking at the launch of the Synthesis Report of the Intergovernmental Panel on Climate Change (IPCC) on Monday, Guterres said while the climate time bomb is ticking, a concerted effort can still defuse it.

He called for shifting subsidies from fossil fuels towards a clean energy transition, along with a global phase-down of existing oil and gas production, compatible with the 2050 global net-zero target.

The UN secretary-general's comments come at a time when the Indian government is looking to expand the area under hydrocarbon exploration to 1 million square km by 2030. It also plans to almost double its oil refining capacity to 450 mt in the next 10 years to meet the rising domestic fuel demand, as well as cater to the export market.

Eyes on G20

Last year, Guterres proposed to the G20 a Climate Solidarity Pact-in which all big emitters make extra efforts to cut emissions, and wealthier countries mobilise financial and technical resources to support emerging economies in a common effort.