Excellencies, dear friends,

I am delighted to join you for a timely and, quite frankly, urgent discussion at the European Development Days.

“Shifting the trillions”, so that financial flows align with the goals of the Paris Agreement, is crucial for addressing the twin crises of COVID-19 and climate change.

This requires ambitious commitments from governments in their Nationally Determined Contributions and 2030 targets, to keep the 1.5 degrees goal of the Paris Agreement within reach.

And it calls for financial actors, as well as real economy companies, to set credible and verifiable short-term targets and timelines for their portfolios and operations that back their pledges to achieve net zero emissions.

We have seen many net-zero pledges in 2021.

Now we need to make sure these actors “walk the talk” and cut actual emissions without leaving any room for doubt. I know that you, like the United Nations, will be watching for the plans that will effect the change.

None of this can make up for urgently needed scaled up public finance for developing countries to invest in mitigation and adaptation.

Meeting the $100 billion pledge remains crucial.

This is a collective promise made by developed countries in Paris 6 years ago.

Yet to date they have not delivered as the promise.

The European Union and its Member States have been credible partners on climate finance by contributing more than 20 billion euros annually in recent years.

The United Nations continues to call for at least a doubling of public climate finance for all G7 members.

We have also called for a breakthrough on adaptation as current levels of support do not even begin to cover the needs – and those costs will only grow.

The world needs to see a doubling of climate finance contributions and dedication of 50 per cent of it to adaptation from developed countries.

Predictability of finance is essential for developing countries, struggling with multiple crises at the same time.

We look forward to having what the European Commission and Member States are planning to contribute in the 2021-2025 period.

These investments in climate action will yield the dividends in robust and just transitions to green economies. This will support energy transitions, creating jobs for the teaming youth (add population), provide opportunities for digitization and closing the gap, and transforming food systems ensuring the end of hunger, lack of jobs and tackling sustainable consumption and production.

At this pivotal moment for humankind, when pandemic recovery offers an opportunity for transformation, the United Nations looks forward to working with partners across the world to achieve the Sustainable Development Goals and chart a healthier future for people and planet alike.

Thank you.