“Discard any suggestion that climate finance is charity;” Mr. Stiell, rapid climate change is affecting “every individual in the world in one way or another.” speak on Monday.
His strong call to action launched the latest round of United Nations climate talks, which will take place in the Azerbaijani capital Baku from today until next Friday, November 22.
It’s officially the 29thth Conference of the Parties to the United Nations Framework Convention on Climate Change (UNFCCC), COP29 will see countries seek to set new annual climate finance targets to replace the $100 billion pledge set in 2009, which expires at the end of this year and many expect this is far less than what is needed to cope with rapidly rising air and sea conditions. temperature.
Mr. Stiell emphasized that the UNFCCC process “is the only place where we can address the pervasive climate crisis and credibly hold each other to account for action on it. And we know this process is working. Because without it, humanity will be headed toward five degrees of global warming.”
‘No country is immune’
He gave clear examples of why a new deal on climate finance is so important, saying every country would pay a terrible price if at least two-thirds of countries The world cannot afford to quickly reduce their emissions.
Furthermore, the entire world economy could collapse if countries cannot fortify their supply chains against rising costs associated with climate shocks, such as water levels in the Panama Canal plummeted, having a strong impact on shipping volume.
“I am as disappointed as anyone that a single COP cannot bring about the complete transformation that every country needs… [but] It is here that the Parties need to agree on a way out of this mess. That is why in Baku we must agree on a new global climate finance target.”
Mr. Stiell, Executive Secretary of the UNFCCC, is from Grenada, where his home island of Carriacou is located. almost flattened by Hurricane Beryl last July.
Speaking against a backdrop of images of devastation, he told COP29 delegates that he was inspired by his neighbors, such as 85-year-old Florence – and millions of others around the world – become victims of climate change “but get up and overcome”. and more”.
More than ‘a goal’
“But we can’t afford to keep improving lives and livelihoods in every country – so let’s make this happen,” he said, posing a series of simple questions to delegates. expression: Whether they want their energy and grocery bills to increase further; Has their country become less economically competitive? Do they want more global instability and the loss of precious lives?
If the answer to any of those questions is “no,” then implementing a new climate finance agreement is even more important.
To that end, he called for dramatic reform of the global financial system, which he believes is necessary for countries to effectively address climate impacts.
Mr. Stiell ended his speech with a reminder of the historical importance of COP29.
“We cannot leave Baku without achieving significant results,” he said, challenging delegates to “stand up and act.”
He called on every country to show that global cooperation is “growing for now” and not faltering.
The hottest decade ever recorded
As COP29 opens, the United Nations weather agency, WMOreleased the 2024 Climate Status Update and issued it Red alert of the rapid progression of climate change within a generation, driven by rising levels of greenhouse gases in the atmosphere.
The years 2015-2024 will mark the hottest decade on record, with rapid glacier loss, rising sea levels and warming oceans. Extreme weather is causing significant disruption to communities and economies around the world.
According to analysis of six international datasets used by WMO, from January to September 2024, global average surface air temperatures were 1.54 °C (±0.13 °C) higher than with pre-industrial averages, amplified by El Niño warming.
“Climate disaster is destroying health, deepening inequality, hindering sustainable development and shaking the foundations of peace. The most vulnerable are the hardest hit,” the UN stated Secretary General António Guterres.
Things to pay attention to at COP29
- At the so-called ‘Climate Finance COP’, representatives from all countries are expected to set new global climate finance targets. This goal, or new common quantitative goals (NCQG), is considered one of the main products of the summit. It will replace the current $100 billion target that expires in 2025.
- The parties are looking to take steps to operate’loss and damage fund‘ agree now COP28 and is considered a key international fund that can address the inevitable harmful effects of climate change. It’s unclear when the still-forming fund will launch and begin payments, although the Philippines has was then selected to organize its Board of Directors.
- All countries expected to submit new climate targets – Nationally determined commitments (NDC) – by February 2025, ensure their commitments are consistent with the emissions reductions needed to limit global temperature rise to 1.5 degrees Celsius and prevent some adverse impacts of climate change.
- Negotiators are looking to finalize the necessary guidelines to fully implement Article 6 of the Paris Agreement, which allows countries to voluntarily cooperate to meet emissions reduction targets outlined in their NDCs. Among other things, Article 6 would allow them to trade carbon credits generated by eliminating or reducing greenhouse gas emissions, helping other countries achieve their climate goals.
- By sending their first bi-annual transparency reportsMandated by the Paris agreement to demonstrate how individual countries are addressing climate change, including efforts to strengthen adaptation plans or reduce greenhouse gas emissions, countries are expected to increase transparency around their national climate actions.
