BAKU, Azerbaijan, November 12. The global climate crisis has faced a seismic shift, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell said at the opening of the World Leaders' Summit on Climate Change in Baku today, Trend reports.
"We used to talk about climate action as being mostly about saving future generations. But there has been a seismic shift in the global climate crisis. Because the climate crisis is fast becoming an economy-killer. Right now, in this political cycle.
Climate impacts are carving up to five percent off GDP in many countries. The climate crisis is a cost-of-living crisis. Because climate disasters are driving up costs for households and businesses," he explained.
Stiell noted that worsening climate impacts will lead to explosive inflation growth unless every country can take bolder climate action.
"Let’s learn the lessons from the pandemic - when billions suffered because we didn't take collective action fast enough. When supply chains were smashed. Let’s not make that mistake again. Climate finance is global inflation insurance. Rampant climate costs should be public enemy number one. Letting this issue languish halfway down cabinet agendas is a recipe for disaster. But this isn't just about saving your economies and your people," the UN official added.
The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened on November 11 at the Baku Olympic Stadium.
The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan. Within COP29, the highest-level event - the summit of world leaders on climate action - will be held on November 12–13.
The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance. The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.
In addition to being a top priority that creates the conditions for action, creating climate finance will also help fulfill the 1.5°C pledge by bringing everyone together.
The UN Framework Convention on Climate Change is an agreement signed at the Rio Earth Summit in June 1992 to prevent dangerous human interference in the climate system. The acronym COP (Conference of Parties) stands for “Conference of Parties” and is the highest legislative body overseeing the implementation of the Framework Convention on Climate Change.
A total of 198 countries are parties to the Convention. Unless otherwise decided by the parties, COP is held annually. The first COP event was held in March 1995 in Berlin, and its secretariat is located in Bonn.
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