BAKU (WAM)
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), expressed his appreciation for the UAE's relentless efforts during its COP28 presidency.
In his opening remarks at the 29th Conference of the Parties (COP29) held today in the Azerbaijani capital, Baku, Stiell stressed the significance of a unified financial commitment to climate action, stating, "We must agree a new global climate finance goal." He added, If at least two-thirds of the world's nations cannot afford to cut emissions quickly, then every nation pays a brutal price."
"If nations can't build resilience into supply chains, the entire global economy will be brought to its knees. No country is immune," he warned.
Stiell stressed that climate finance should not be regarded as "charity", noting "An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest."
He added that simply agreeing on a goal isn't enough, "We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need."
"Here in Baku, we must get international carbon markets up and running, by finalising Article 6. We need to move forward on mitigation, so targets from Dubai are realised," Stiell emphasised.
"We mustn't let 1.5 slip out of reach," Stiell said, noting that clean energy and infrastructure investments are projected to reach two trillion dollars in 2024— almost twice that of fossil fuels.