Governments must fulfill their commitments and prepare new national action plans to combat climate change before COP30 in Brazil, UN Secretary-General Antonio Guterres said at the World Economic Forum in Davos, Report informs.

He noted that the plans should include limiting global temperature rise to 1.5 degrees, including through accelerating the global energy transition.

“We also need to increase climate finance in developing countries to adapt to global warming, reduce emissions, and take advantage of the renewable energy revolution,” he said.

Guterres emphasized that it’s also necessary to address the high capital costs that are holding developing countries back in addressing climate change.

“I strongly urge all business entities and financial institutions to develop reliable and accountable energy transition plans that must align with the 1.5-degree goal and the full recommendations of the UN Expert Group on Net-Zero Emissions Commitments,” the secretary-general stated.