Simon Stiell, executive secretary of UN Climate Change, has called for a “substantial outcome” from COP29, which got under way today (11 November).
In his opening remarks at the conference, which takes place in in Baku, Azerbaijan, Stiell noted that agreement on a new global climate finance goal is one of the imperatives of this year’s event.
“Let’s dispense with any idea that climate finance is charity,” he explained. “An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest.
“But it’s not enough to just agree a goal. We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need.”
He also called for the need to get international carbon markets “up and running”, by finalising Article 6 of the Paris Agreement, as well as for continued progress on mitigation to maintain the viability of the 1.5°C target and the realisation of previously set targets.
Global inequalities
Stiell also addressed global inequities in climate resilience, pointing out that if two-thirds of nations cannot afford rapid emissions reductions, every nation will face economic and environmental repercussions.
“If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune,” he explained.
He highlighted the economic benefits of clean energy, with a projected $2 trillion in investments in 2024, nearly double that of fossil fuels, as proof of the irreversible shift toward a sustainable economy.
Time for agreement
In addition, Stiell stressed the need to agree on adaptation indicators, support loss and damage mechanisms, and ensure transparency through Biennial Transparency Reports. Looking to the future, he announced a UNFCCC Climate Plan Campaign and the relaunch of Climate Weeks in 2025, in alignment with the goals of the incoming Brazilian COP presidency.
“Appreciating the importance of this moment, Parties need to act accordingly,” he added. “Show determination and ingenuity here at COP29 – We need all Parties to push for agreement right from the start – To stand and deliver.
“Now is the time to show that global cooperation is not down for the count. It’s rising to this moment. So let’s rise here together.” Read more here.
In tough times, I don’t go in for hopes and dreams.
— Simon Stiell (@simonstiell) November 11, 2024
We need human ingenuity and determination to overcome the global #climate crisis.#COP29 needs to stand and deliver – especially on climate finance.
Now is the time to show that global cooperation is rising to this moment. pic.twitter.com/QUaK2mK6OS
Keep up to date with the latest news from COP29 over the next two weeks on www.sustainabilityonline.net and via our social media channels. [Photo: UN Climate Change / Kiara Worth]
