00:00World leaders are gathering in Turkey for COP31 as pressure mounts for urgent action on climate change.
00:07Australia is leading negotiations with Prime Minister Antony Albanese calling on wealthier nations
00:12to step up support for Pacific Island countries already facing the devastating impacts of global warming.
00:18We have a solemn responsibility to this and to future generations to act.
00:24This is a critical decade. We must take that action now.
00:30And that is why we are all here, to demonstrate what we can achieve together.
00:37The Ethiopian Prime Minister echoed similar sentiments, saying that Ethiopia and other countries need financing that is accessible and fair.
00:46We should ask how we will finance the future we have agreed to build.
00:54Developing countries pay nearly $1 trillion in interest on public debt.
01:00In Sevilla, we recognized that high borrowing costs limit countries' capacity to invest in resilience.
01:10Lowering them is a test of our collective credibility.
01:14That understanding now needs to guide the lending decisions of multilateral financial institutions.
01:25Fresh criticism is facing this year's COP31 hosts.
01:29Turkey and Australia both ranked among the world's worst performers on cutting planet heating emissions.
01:35Scientists warn global temperatures are on track to breach the critical 1.5 degree threshold
01:40the limit world leaders pledged to pursue under the 2015 Paris Agreement.
