Ahead of COP29, the UN climate secretary has called for the need to step up climate finance.
Simon Stiell, Executive Secretary, Climate Change, UN, was speaking at the Brookings Institution’s Global Economy and Development Program. Five of his statements stand out.
- With over a trillion dollars invested worldwide in climate action last year, international climate finance needs to mature, step up, and scale up to facilitate a transition that benefits more nations and businesses and ensures that all peoples and communities are truly protected.
- At COP29 in Baku, all governments must agree on a new goal for international climate finance that truly responds to the needs of developing countries. COP29 must be the stand-and-deliver COP, recognizing that climate finance is core business to save the global economy and billions of lives and livelihoods from rampaging climate impacts.
- We need to make climate money matter by, if at all feasible, utilizing more private funding and directing financial markets. It’s crucial that we set up systems to monitor and guarantee the delivery of promised funds.
- We must get the Loss and Damage Fund working fully, dispersing money to those who need it the most. There is a severe division occurring both between and within countries at this time. There’s a tendency to withdraw during periods such as these. a misguided conviction that I have no control over what occurs in my neighbor’s backyard.
- Let’s take the route that prioritizes finding answers and making sure that all countries can benefit from the enormous advantages of more aggressive climate action, including stronger growth, more jobs, improved health, and safe and reasonably priced clean energy.
