Partnerships, increased climate investment crucial for sustainable transition, says UN deputy chief

Marking the tenth anniversary of both the UN Sustainable Development Goals (SDGs) and the landmark Paris Agreement, Ms. Mohammed highlighted the significant progress made over the past decade, while also acknowledging the substantial challenges that remain.

A decade of progress and challenges

In her remarks to the Partnership for growth Summit, known by the shorthand ‘P4G’, which runs through Thursday in the Viet Nam capital, Ms. Mohammed reflected on the progress achieved since the adoption of the SDGs and the Paris Agreement.

However, she stressed the stark reality that the world is still far from where it needs to be.

“As I speak, there are 750 million people who do not have access to electricity, and two billion people have no clean cooking solutions,” she stated. She also pointed out the increasing air pollution affecting children worldwide due to fossil fuel emissions.

Hope amid adversity

Despite the daunting statistics, the UN deputy chief expressed hope, drawing inspiration from the words of Vietnamese Zen Master Thich Nhat Hanh: “Hope is important because it can make the present moment less difficult to bear. If we believe that tomorrow will be better, we can bear a hardship today.”

She identified three sources of hope:

Global Commitment: The presence of representatives from governments, businesses, investors, and civil society at the summit demonstrated a collective commitment to building more sustainable, resilient, inclusive, and prosperous societies;
Collaboration: Initiatives like the Just Energy Transition Partnerships and P4G’s public-private partnerships, which exemplify the power of collaboration in transforming energy, water, and food systems and;
Economic Imperatives: The economic benefits of climate action; every dollar invested in climate adaptation can generate a return of up to 10 times.

She also pointed out the significant cost reductions in wind, solar, and battery storage technologies, making them the cheapest sources of new electricity in many markets.

An economic case for climate action

Ms. Mohammed underscored the financial impact of climate disasters, which caused $320 billion in damages worldwide last year.

She emphasized that the climate crisis is draining resources needed for development but also presented a compelling economic case for climate action.

“Renewables accounted for 92.5 per cent of all new power capacity added globally last year, and clean power surpassed 40 per cent of global electricity generation for the first time,” she noted.

UN Hanoi

Deputy Secretary-General Amina Mohammed delivers remarks at the P4G Summit in Hanoi, Viet Nam.

Viet Nam as a leading example

Highlighting Viet Nam's leadership in clean energy, Ms. Mohammed praised the country's bold shift from coal, which is not only combating climate change but also promoting a fairer and more equal future. She called this moment a "rare opportunity" to usher in a new economic era that ensures energy access, affordability, and security while creating zero-carbon, disaster-resilient, and sustainable societies.

Call to action

The UN deputy chief urged government leaders to accelerate the implementation of cost-effective solutions and drive change through smart policies and reforms at all levels.

She emphasized the importance of the next round of Nationally Determined Contributions (NDCs) – national climate action plans – in aligning energy and development plans with climate goals.

“Investment is key,” she stressed, citing the need for $2.4 trillion per year to flow emerging and developing economies outside China by 2030 to keep the 1.5-degree target within reach and deliver on the SDGs.

Addressing corporate, financial, and civil society leaders, Ms. Mohammed called for continued innovation, collaboration, and the creation of new models and partnerships to mobilize finance at scale. She encouraged leaders to turn obstacles into business opportunities and drive real investments in climate and sustainable development.

In closing, Ms. Mohammed reaffirmed the United Nations' commitment to supporting global efforts towards a more prosperous future for all. “The United Nations stands ready to support your efforts every step of the way and keep the hope of a more prosperous future for all alive,” she concluded.

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