Climate finance is a key condition for implementing climate action, enabling plans to be transformed into concrete projects and sustainable infrastructure, UN Framework Convention on Climate Change Executive Secretary Simon Stiell said in a video address to participants of Baku Climate Action Week 2026 (BCAW 2026), Report informs.
He noted that countries made significant progress on climate finance at COP29 in Azerbaijan.
"A new global climate finance goal was agreed - $300 billion annually by 2035, alongside a call for all actors to scale up climate finance to at least $1.3 trillion annually by 2035," Stiell said.
He added that the Baku to Belem Roadmap was also launched to help scale climate finance to $1.3 trillion per year by 2035.
"Finance turns plans into projects, and investment portfolios into power grids, resilient infrastructure, early warning systems, cleaner transport, more resilient food systems and safer communities," Stiell said.
He stressed that implementing climate commitments has become increasingly urgent as the impacts of climate change intensify.
"From record heat in North Africa to unprecedented wildfires in Europe and deadly storms in Chile, climate impacts are threatening lives around the world," Stiell said.
He also said investment in clean energy has already surpassed $2 trillion annually, while renewable energy has overtaken coal to become the world's largest source of electricity.
According to Stiell, climate action contributes to greater energy security, improved air quality and public health, job creation and stronger resilience to climate shocks.