Speaking during the regular briefing by the World Health Organization (WHO), and ahead of next month’s G7 summit, the former United Kingdom (UK) prime minister said inaction will only lead to greater global division.
"By our failure to extend vaccination more rapidly to every country, we are choosing who lives and who dies," he said.
"And I say the world is already too deeply divided between rich and poor to allow a new unbridgeable divide to become entrenched between the world’s vaccinated who live, and the under-vaccinated who are at risk of dying," he added.
According to him, the $60 billion in funding is required not only for vaccines, but also for vital medical supplies, diagnostics and medical oxygen.
He provided a formula for rich countries to shoulder the cost, based on national income, current wealth and benefits from the resumption of trade.
The breakdown would see the United States covering 27 per cent, Europe 23 per cent, Japan six per cent and the UK five per cent.
Australia, Canada and South Korea would pay two per cent each.