(Reuters) – U.N. Secretary General Antonio Guterres called on business leaders Monday to help developing countries in their time of greatest need. He offered assistance with COVID-19 vaccinations and helped to fight the climate crisis.

Guterres spoke virtually before the World Economic Forum and said that “Across all these areas, support, ideas, financing, and the voice from the global business community is necessary.”

According to him, there is a global inability “to support the developing world in their time of need.” He warned that if not taken immediately, inequalities would worsen and poverty will increase. This could lead to more violent social unrest.

Guterres said, “We can’t afford this type of instability,” and began his second five-year U.N. chief term on January 1.

Since his inception, he has been advocating for greater global action to combat COVID-19 vaccination inequity as well as climate change. He also supports reform of the global finance system.

We need a worldwide financial system that’s fit for purpose. Guterres stressed that urgent restructuring of debt and changes to long-term debt architecture are needed.

Last year, the World Health Organization set goals for vaccine coverage against COVID-19 of 40% in all countries by 2021 and 70% by 2020.

“We’re not close to these targets. Vaccination rates in high-income countries are — shamefully — seven times higher than in African countries. We need vaccine equity, now,” Guterres said.

He warned that the recovery would be uneven with countries of low income at great disadvantage.

Guterres stated that they are experiencing the slowest growth for a generation. “The burdens of record inflation, shrinking fiscal space, high interest rates and soaring energy and food prices are hitting every corner of the world and blocking recovery — especially in low- and some middle-income countries.”