UN Advisor Calls for New Economic Framework to Address Climate Crisis

Professor Muhammad Yunus, UN Advisor, has called for a new economic structure focused on addressing the climate crisis and fostering a welfare-oriented society. Speaking at a high-level meeting of Least Developed Countries (LDCs) with UN Secretary-General António Guterres in Baku, Azerbaijan, on Wednesday, November 13, Yunus stressed the urgent need for a global economic model that serves both humanity and the planet.

The closed-door meeting was held on the sidelines of the COP29 conference, gathering leaders from five climate-vulnerable LDCs: Nepal, Malawi, Gambia, Liberia, and Bangladesh. Professor Yunus highlighted the shortcomings of the current economic structure, which he argued promotes excessive consumption and waste at the expense of the environment. "We need an economic framework dedicated to the welfare of both the Earth and its people. The existing model amplifies waste and harms our ecosystem. A zero-waste world must be our goal," he asserted.

Yunus also voiced his support for the United Nations’ ‘Summit for the Future,’ emphasizing the need for a welfare-based economy tailored to the aspirations of young people.

Criticizing the frequency of the annual COP climate conferences, Yunus argued for a more long-term, country-specific planning approach. “Holding COP summits every year is a waste of time and resources. We need a permanent, country-based plan that can deliver real impact,” he stated.

UN Secretary-General António Guterres responded, acknowledging the injustice faced by least developed countries in the climate crisis. Guterres urged LDCs to intensify their advocacy for larger climate adaptation and mitigation funds, emphasizing the need for strong negotiations and effective action to secure these resources.