Secretary-General Antonio Guterres speaks at COP27 in Sharm El-Sheikh city, Egypt. (Photo: AFP/VNA)

Guterres called for a pact between developed and developing countries to speed up the transition away from fossil fuels and pay poor countries to cut emissions and compensate them for damage due to global warming.

He urged countries to agree on a coal phase-out on a global scale by 2040 (2030 for OECD members).

International Monetary Fund (IMF) Managing Director Kristalina Georgieva said that unless carbon averages at least 75 USD a ton globally by the end of the decade, businesses and consumers will not have the incentive to shift and global climate goals will not be met.

She warned that a breakthrough needs to be reached at COP27 or soon after, because the world does not have much time left to achieve its climate goals.