BAKU, Azerbaijan, November 11. International carbon markets must be established to accelerate climate mitigation efforts, said Simon Stiell, Executive Secretary of UN Climate Change, Trend reports.
He made the remark as he addressed the opening of the COP29 UN Climate Change Conference today in Baku.
"Here in Baku, we must get international carbon markets up and running, by finalizing Article 6," Stiell declared, stressing the importance of completing this critical element of the Paris Agreement.
Stiell also underscored the importance of moving forward on mitigation, building on the commitments made at COP28 in Dubai. "We need to move forward on mitigation, so targets from Dubai are realized," he said, adding that the world must not allow the 1.5°C target to slip beyond reach. "And even as temperatures rise, the implementation of our agreements must claw them back," Stiell asserted.
He noted that investment in clean energy and infrastructure is set to reach $2 trillion in 2024, almost double the amount being invested in fossil fuels.
"The shift to clean energy and climate resilience will not be stopped. Our job is to accelerate this and make sure its huge benefits are shared by all countries and all peoples," he declared, calling for equitable distribution of the benefits from this global transition.
As countries come together to confront the climate crisis, Stiell emphasized the importance of adaptation in the face of a changing climate. "We must agree on adaptation indicators. You can't manage what you don't measure. We need to know if we're on a pathway to increasing resilience," he stated.
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.