Mr. Stiell, the Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), made a passionate plea for urgent global action on climate finance during the opening of the 29th Conference of Parties to the UNFCCC (COP29) in Baku, Azerbaijan. He emphasized that climate finance is not charity, but a critical imperative for every individual in the world, as runaway climate change impacts all aspects of our lives.
The COP29 meeting is set to address the pressing issue of establishing a new annual climate financing target to replace the expiring $100 billion pledge set in 2009. Many experts argue that the current pledge falls short of what is needed to mitigate the effects of rapidly rising air and sea temperatures. Mr. Stiell stressed that the UNFCCC process is essential for addressing the climate crisis and holding nations accountable for their actions. Without this process, he warned, humanity would be on a dangerous path towards five degrees of global warming.
Highlighting the urgency of the situation, Mr. Stiell pointed out that no country is immune to the impacts of climate change. He warned that if at least two-thirds of the world’s countries cannot afford to reduce their emissions quickly, the consequences would be dire for the global economy. For example, disruptions in supply chains due to climate shocks could lead to catastrophic consequences, such as the decrease in shipping volumes caused by falling water levels in the Panama Canal.
Drawing from personal experience, Mr. Stiell shared the devastating impact of Hurricane Beryl on his home island of Carriacou in Grenada. He spoke of the resilience of his neighbors, like the 85-year-old woman named Florence, who continue to face the brunt of climate change but persevere in the face of adversity. He urged COP29 delegates to take concrete actions to address the climate crisis and prevent further devastation.
Mr. Stiell emphasized that a new global climate finance goal is more than just a target; it is a necessity for safeguarding lives and livelihoods across the globe. He posed critical questions to the delegates about the consequences of inaction, such as rising grocery and energy bills, economic competitiveness, and global instability. He called for comprehensive reforms to the global financial system to enable nations to effectively address climate impacts.
In conclusion, Mr. Stiell reiterated the importance of reaching a new climate finance deal at COP29. He stressed that the future of our planet depends on the collective action of all nations to confront the climate crisis and build a sustainable future for generations to come. The stakes are high, and the time for decisive action is now.
