Stop funding new oil & gas plans, expanding reserves: UN Chief Guterres

G20 leaders should aim for a new set of carbon reduction targets by November, says Guterres

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.

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