BAKU, Azerbaijan, November 11. COP29 should lead to an agreement on a new global climate finance goal, said Simon Stiell, Executive Secretary of UN Climate Change, Trend reports.
At the opening of the COP29 UN Climate Change Conference in Baku, Simon Stiell emphasized the urgent need for transformative global climate action.
"This crisis is affecting every single individual in the world in one way or another," Stiell remarked, underlining the global scope of the climate emergency. "If at least two-thirds of the world's nations cannot afford to cut emissions quickly, then every nation pays a brutal price," he warned.
The executive secretary made it clear that climate finance should no longer be viewed as mere charity. He called for a new global climate finance goal, one that acknowledges that an ambitious finance framework is in the self-interest of every country, including the wealthiest and most developed. "If nations can’t build resilience into supply chains, the entire global economy will be brought to its knees," Stiell cautioned, stressing that no country is immune from the devastating impacts of climate change.
The UN Climate Change chief also pointed to the critical need for reform within the global financial system to support climate action, ensuring that developing nations have the fiscal space to address both mitigation and adaptation efforts. "It's not enough to just agree on a goal," he said. "We must work harder to reform the system and give countries the fiscal space they desperately need".
The COP29 conference officially began today in Baku, Azerbaijan. Running from November 11 through November 22, this pivotal event brings together world leaders, policymakers, and climate experts to address the urgent challenges of climate change. As nations gather to discuss key issues such as climate finance, emission reduction goals, and global cooperation, the outcomes of COP29 will play a crucial role in shaping the future of the planet's climate strategy.