COP29 must not close without agreeing on global climate finance goal, says Simon Stiell

They used to say in the past that measures to combat climate change were mainly aimed at saving future generations. However, the global climate crisis has now undergone a radical change, Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said at the opening of the World Leaders Climate Action Summit at COP29, according to Report.

"The climate crisis is rapidly turning into a 'killer' of economies. Right now, today, in this political cycle. The consequences of climate change are leading to a decrease in GDP of many countries by up to 5%. The climate crisis is a cost-of-living crisis. Because climate disasters lead to increased costs for households and businesses," Stiell said.

According to him, the growing consequences of climate change will lead to an explosive growth in inflation if all countries do not take bolder measures to combat climate change. Climate finance is a global insurance against inflation. And the exorbitant climate costs should become the main enemy.

But it's not just about saving the economy and the population, he believes. Bold climate action can become economic opportunities and abundance. Cheap and clean energy can become the foundation of economies, resulting in more jobs, more growth, less city-choking pollution, healthier citizens, and thriving businesses.

"Billions of people simply cannot allow their governments to leave COP29 without agreeing on a global climate finance goal. So my message to leaders here and in capitals is: make it clear that you expect ambitious outcomes. Instruct your negotiators: stop demonstrating intentions - move straight to finding common ground," he said.

These are challenging times, but despair is not a strategy, and it is out of place. After all, international cooperation is the only way for humanity to survive global warming, he concluded.