Participants of today's conference face the task of finding solutions to a key global challenge - fair energy transition, UN Secretary-General António Guterres said at the Small Island Developing States Climate Change Leaders' Summit on November 13 in Baku.
According to him, the renewable energy sector is developing rapidly, and last year, for the first time, investments in renewable energy exceeded fossil fuel spending.
Guterres said a sharp increase in demand for resources critical for the transition is expected, as governments have promised to triple global renewable energy capacity by 2030 and gradually phase out fossil fuels.
The Secretary-General noted that for developing countries rich in these resources, this is a huge opportunity for prosperity, poverty eradication, and promotion of sustainable development
However, he noted the frequent cases of profit-seeking, struggles for resources, where communities are exploited, rights are violated, and the environment is destroyed; developing countries end up at the bottom of value chains while others get rich off their resources."