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UN Secretary-General Antonio Guterres has called for the world to step up its fight against climate change - 

The United Nations chief called Friday (Sep 24) for the world to redouble its renewable energy efforts to avert a climate emergency and address global energy poverty.

"Today, we face a moment of truth," said UN Secretary-General Antonio Guterres, who described the mandate as a "double imperative - to end energy poverty and to limit climate change.

"And we have an answer that will fulfil both imperatives," Guterres said. "Affordable, renewable and sustainable energy for all."

The comments came as governments and the private sector pledged to spend more than US$400 billion at a high-level summit that called for an acceleration of efforts to avert catastrophic climate change and simultaneously bring electricity to more of the 760 million people around the world who currently lack it.

The "energy compact" lists commitments from more than 35 governments and several large companies, including TotalEnergies, Schneider Electric and Google.

The aim is to revamp the global energy system, which accounts for about 75 percent of total greenhouse gases, according to the United Nations.

Jennifer Layke, global energy director at the World Resources Institute, said the pledges serve "transparency purposes" and enable NGOs to hold companies and governments accountable.

But "to deliver on climate, we still have a long way to go to get to the level of transformation on the energy transition that is required," she said.

Guterres noted there has been some progress, with renewable energy now comprising 29 per cent of global electricity generation.

"But it's not nearly fast enough," Guterres said. "We are still a long way from being able to provide affordable and clean energy for all."

He said the world must reduce greenhouse gas emissions by 45 per cent in 2030 from 2010 levels to limit temperature rise to 1.5 degrees.

An IMF study published Friday estimated that direct and indirect subsidies of fossil fuels added up to us$5.9 trillion, about 6.8 per cent of global GDP in 2020.

"Underpricing fossil fuel undermines domestic and global environmental objectives, hurting people and hurting the planet," said IMF Managing Director Kristalina Georgieva//CNA