The United Nations is "strongly advocating" for a reform of the global financial system in order to help developing countries mitigate climate change, UN Secretary-General Antonio Guterres said on Monday
UNITED NATIONS (Pakistan Point News / Sputnik - 03rd July, 2023) The United Nations is "strongly advocating" for a reform of the global financial system in order to help developing countries mitigate climate change, UN Secretary-General Antonio Guterres said on Monday.
"It is vital. We have been strongly advocating for the reform of the international financial architecture," Guterres told reporters during a visit to Trinidad and Tobago.
The UN chief noted that the current global financial system was created after World War II, when the majority of countries, including Trinidad and Tobago, were not members of the United Nations.
Guterres called for adapting the international financial system to the realities of today's economy to make it more fair and effective.
The UN chief also urged making the international financial system more oriented to issues related to climate change.
"Mitigation is essential. We must reduce emissions," Guterres said.
Regarding the importance of the multilateral development banks in this process, Guterres said they need to be more capitalized and change their business model, Guterres said.
Such changes are essential to leveraging private finance to respond to the climate crisis, particularly in the developing world, he added.
