At COP29 in Baku, all governments must agree on a new goal for international climate finance
With over a trillion dollars invested in climate action last year globally, a UN official affirmed that international climate finance must grow up, step up, and scale up, to ensure a transition where more countries and companies benefit, and where all peoples and communities are genuinely 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, recognising that climate finance is core business to save the global economy and billions of lives and livelihoods from rampaging climate impacts,” said UN Climate Change Executive Secretary Simon Stiell in remarks at the Brookings Institution’s Global Economy and Development Programme Virtual Event.
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”And we must make climate cash count, wherever possible leveraging more private finance and sending signals to financial markets. It’s also important we put in place mechanisms to track and ensure that promised funds are delivered.” He said.
”We must fund a new generation of national climate plans. To protect the progress we made at COP28, and convert the pledges in the UAE Consensus – to triple renewable energy, double energy efficiency, boost adaptation and transition away from fossil fuels – into real-world, real-economy results”, he added.
Stiell highlighted the importance of the Loss and Damage Fund, saying that ”We must get the Loss and Damage Fund working fully, dispersing money to those who need it the most. This is a moment of profound fracture between nations and within them. In times like these, there is the temptation to turn inward. A delusional belief that what happens in my neighbour’s backyard is not my problem or my concern.”
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”Let’s choose the path that focuses on solutions and ensuring the massive benefits of bolder climate action – stronger growth, more jobs, better health, secure and affordable clean energy – are within all nations’ reach.” He reiterated.
That is the only pathway to every nation surviving and thriving, he concluded.COP29 is scheduled to take place in Baku from November 11 to November 22. It will see the participation of leaders from all across the world to have deliberations on financing mechanisms to address climate change.
