Simon Stiell, the Executive Secretary of the UN Framework on Climate Change, emphasized the necessity to mobilize at least $2.4 trillion for achieving global climate change goals in developing countries, excluding China.
Stiell, speaking to students at the Azerbaijan Diplomatic Academy in Baku, the host city of the upcoming COP29 climate summit in November 2024, outlined the essential steps to transform commitments from the previous Dubai summit into tangible actions this year, as reported by Reuters.
This marks Stiell’s first significant address since the UN gathering in Dubai (COP28), where nearly 200 countries agreed to initiate a transition away from fossil fuels to mitigate the severe consequences of climate change.
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“What must we do this year to ensure the world’s shared goals remain within reach? We must spend the year working collectively to evolve our global financial system so it’s fit for purpose, with a clear plan to meaningfully execute the climate transition.
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“Looking at the numbers, it’s clear that to achieve this transition, we need money, and lots of it. $2.4 Trillion, if not more,” Stiell said.
The UN official further stated that $2.4 trillion is what a recent report released by the High-Level Expert Group on Climate Finance in December 2023 estimates is needed every year to invest in renewable energy, adaptation, and other climate-related issues in developing countries, excluding China.
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“Whether on slashing emissions or building climate resilience, it’s already blazingly obvious that finance is the make-or-break factor in the world’s climate fight – in quantity, quality, and innovation.
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“In fact, without far more finance, 2023’s climate wins will quickly fizzle away into more empty promises. We need torrents – not trickles – of climate finance,” Stiell added.
More Insights
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The upcoming COP29 in Azerbaijan will centre on climate finance, with governments tasked to set a new post-2025 fundraising target. This funding aims to support developing countries in cutting emissions and adapting to the worsening impacts of climate change.
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At the upcoming COP29 this year, the new collective quantified goal on climate finance (NCQG) is expected to be established, surpassing the 2009-agreed $100 billion target.
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Stiell stressed the importance of utilizing the year to guarantee that the global financial system and multilateral banks are prepared to escalate climate finance.
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Additionally, the UN official called on banks to triple both the quantity of climate grants and concessional finance by 2030 and the pace at which they mobilize private capital.
