The UN chief António Guterres says limiting the global temperature rise to 1.5°C is still attainable, but requires a 45 percent reduction in carbon emissions by 2030.

Addressing world leaders on Monday at the Caribbean Community (CARICOM) Summit in Port-of-Spain, Trinidad and Tobago, Guterres said his proposal for a climate solidarity pact urges major emitters to intensify emissions cuts and wealthy nations to support emerging economies in their efforts.

The Secretary-General reminded about an Acceleration Agenda that is aimed at this.

“I urge Governments to hit fast forward on their net-zero deadlines so that developed countries commit to reaching net-zero as close as possible to 2040 and emerging economies as close as possible to 2050,” he said.

Calling on governments to expedite their net-zero commitments, he also invited developed countries to “finally make good on their financial commitments to developing nations”, including by doubling adaptation finance and replenishing the Green Climate Fund.”

Growing debt amid dried-up liquidity and escalating climate emergencies require action, he said.

He said Climate action championship focusing attention on the plight of small island developing States is another manifestation of that spirit.

“Today’s crisis has revealed an international financial system that is outdated, dysfunctional, and unfair,” the UN chief said. To replace it, he referred to a plan to redesign the global financial architecture, including the Bretton Woods system, that he put forward in preparation for the Summit of the Future.

He urged world leaders to invest in sustainable development and climate action, improve debt relief mechanisms, and create new financial tools such as debt-for-investment swaps in climate adaptation.

He also called for a change in the business model of multilateral development banks, a shift away from fossil fuel subsidies, and a fairer approach to concessional financing for middle-income countries.