UN chief demands $4 trillion annual boost for developing nations

United Nations Secretary-General António Guterres called for a radical overhaul of global systems on Friday, 25 September, urging the Group of 77 (G77) and China to lead a unified push for financial, climate, and technological justice. Speaking at the UN headquarters in New York, Guterres warned that developing nations now require an additional $4 trillion annually to meet Sustainable Development Goals (SDGs). Urgent reform of financial architecture Addressing the foreign ministers of the G77, Guterres identified financial justice as the primary hurdle for developing states. He reported that over 100 G77 countries are currently supporting initiatives under the Sevilla Platform for Action to reform global economic governance. The Secretary-General demanded that multilateral development banks scale up investment by expanding concessional finance and unlocking private capital. Guterres specifically called for increased voting power for developing nations within international financial institutions to reflect the current global economy. He also urged the group to maintain momentum on negotiations regarding the UN Framework Convention on International Tax Cooperation and the Borrowers Platform. Disparity in renewable energy investment On climate justice, the Secretary-General highlighted a stark investment gap in the green transition. While clean energy now attracts double the investment of fossil fuels, the distribution remains skewed. Guterres noted that Africa possesses 60%…