Simon Stiell urges nations to agree on new climate finance goal at COP29

The negotiation process under the UNFCCC is the only platform where nations can work on solving the raging climate crisis and call each other to account to take practical steps. This process works; without it, humanity would be on a path to 5 degrees of global warming, Simon Stiell, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) said at the opening of the 29th session of the Conference of the Parties (COP-29), according to Report.

"On this platform, we negotiate specific pieces of this 'puzzle' every year. But we cannot afford to continue destroying lives and livelihoods in all countries, so let's achieve a result," he said.

Stiell noted that this crisis affects every person in the world in one way or another, adding that the unresolved issue leads to further increases in food and electricity bills, reduced economic competitiveness, and even greater global instability.

"And I, like everyone else, am disappointed that no single COP conference can provide the full transformation that every country needs. Here in Baku, we must agree on a new global goal for climate finance. If at least two-thirds of the world's countries cannot afford to rapidly reduce emissions, then every country pays a higher price," Stiell emphasized.

According to him, if countries cannot ensure the sustainability of supply chains, the entire global economy will be brought to its knees. No country is insured, so the idea that climate finance is charity must be discarded. An ambitious new climate finance goal is fully in the interest of every country, including the largest and wealthiest.

"But it's not enough to just agree on a goal. We need to work harder to reform the global financial system. And here in Baku, we must launch international carbon markets by completing work on Article 6. We need to move forward on mitigation to ensure that the goals set in Dubai are realized," he said, adding that the 1.5-degree target cannot be allowed to move out of reach, and if it does, it must be reversed by implementing agreements.

Investment in clean energy and infrastructure will reach two trillion dollars in 2024 - almost twice as much as in fossil fuels. The transition to clean energy and climate resilience cannot be stopped. Therefore, the main task is to accelerate this process and ensure that its benefits are shared by all countries and peoples, Stiell said.

"The biennial transparency reports expected this year will give us a clearer picture of the progress made and the gaps that need to be filled. Next year, all countries will submit the third generation of national climate plans - NDCs. To support countries in creating and submitting them, the UNFCCC will launch the Climate Plans Campaign," he stated.