Address Preparatory meeting of the 29th Session of the Conference of the Parties to the Agreement United Nations Framework Convention on Climate Change (Before-COP29), Ms. Mohammed called for urgent climate action, emphasizing the need to increase financial investment, reform the global financial structure and transition away from fossil fuels.
The poorest pay the price
With “extreme weather devastating lives and livelihoods around the world with those who contribute the least paying the highest price”, Ms. Mohammed reiterated the Secretary-General’s message that we are at a time of reality. in the fight against rising temperatures.
“We’re just minutes away from midnight in our bid to limit global temperature rise to 1.5 degrees Celsiusshe said.
“We are witnessing the consequences of inaction in real time.”
Sign of hope
Even so, Ms. Mohammed said, “There is hope and we are moving in the right direction”.
She recalled the progress since the 2015 signing Paris Agreement on climate changenoted that “at COP28, countries committed to making 1.5C a reality [for] The next generation of NDC and [they] recognizing that the transition away from fossil fuels must accelerate during this crucial decade.”
Global financial reform
Ms. Mohammed called for significant change to the global financial system to increase the voice and representation of developing countries to “build trust and legitimacy.”
She added that scaling up development finance to scale up resources is needed to meet current major financing gaps.
She emphasized that “COP29 must build on this momentum – and translate the ambitions and commitments in the Global Stocktake into real, real-world economic results.”
New goal
Ms. Mohammed also emphasized the importance of the New Collective Quantitative Target (NCQG). She describes this as “an opportunity to reimagine your economyclimate finance, restore trust, build solidarity and boost ambition.”
She emphasized that it “helps address well-known challenges facing developing countries: high capital costs, high debt levels, and insufficient risk-bearing and solvent capital.”
She also emphasized that “it must send appropriate political and policy signals to the market and investors”.
COP29 onwards
Looking ahead, Ms. Mohammed noted that “we must also ensure that the agreement on Article 6, with outcomes from COP29, is effective, fair and ready to implement”.
“We need carbon markets that have high integrity, are trustworthy, and have the right rules to limit warming to 1.5 degrees Celsius.”
She emphasized the importance of the next generation of Nationally Determined Contributions (NDC).
“These must be economy-wide and consistent with the 1.5 degree limit, covering all sectors and all greenhouse gases…they must also show each country’s intention how to transition away from fossil fuels, in line with the results of COP28.”
Political will is essential
Ms. Mohammed also pointed out the importance of G20 countries, “the countries with the greatest capacity and responsibility.” [and] must demonstrate to the rest of the world ambition, quality and process.”
Ms. Mohammed concluded with a call to action: “currently the biggest threat to global ambition is the lack of political will to act.”
She emphasized that “in today’s divided and fractious world, We must redouble our collective efforts to keep 1.5 within reach and protect those on the frontline of the climate crisis.”
