BAKU, Azerbaijan, February 3. The global financial system should meet the climate transition goals set by UN countries with a clear plan for their implementation, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell wrote on the social media page, Trend reports.
"Whether it is reducing emissions or building resilience to climate change, it is clear that finance is crucial factor in the global fight to protect the environment. Without a significant increase in finance, the 2023 climate victories at COP28 will quickly fade into empty promises. We need streams, not rivulets, of climate finance," Stiell noted.
According to him, issues of climate finance to reduce greenhouse gas emissions will be key at the upcoming COP29 in Baku in November.
"COP29 in Baku will be a very important meeting to achieve our shared ambitions. Interaction with international financial institutions (IFIs), and development banks will create confidence in the possibilities of realizing climate goals," Stiell says.
In his opinion, the annual investment of $2.4 trillion in the development of RES, adapting the world's economies to the energy transition is not such a critical amount, because we are talking about investing in innovation and technological progress.
"The industrial revolution is underway, the digitalization of economies opens up great opportunities. Every sector of the economy should care about climate protection, there is a need for cooperation and teamwork," Stiell emphasized.
He expressed hope that in 2024 private banks, and IFIs will be able to demonstrate their intentions to support climate steps.
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