Azernews.Az

Nazrin Abdul

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At the opening ceremony of COP29 in Baku, the UNFCCC Executive Secretary Simon Stiell delivered a powerful call to action, urging nations to establish a bold, new climate finance goal, Azernews reports.

Emphasizing that climate finance is a matter of global security, he dismissed any notion that it should be viewed as charity, stressing instead that an ambitious climate finance agreement aligns with the self-interest of all nations.

The Executive Secretary noted that the inability of many countries to swiftly reduce emissions and bolster resilience would ultimately impact every economy. He pointed to the shared economic stakes, warning that "if nations can’t build resilience into supply chains, the entire global economy will be brought to its knees."

A primary focus at COP29 will be the finalization of Article 6 to establish international carbon markets, which he described as vital for accelerating global emissions reductions. He expressed hope that these mechanisms would catalyze investments in low-carbon development and clean energy, projecting that by 2024, clean energy investment will exceed $2 trillion—nearly double the amount invested in fossil fuels. He urged that countries take full advantage of this momentum, stating, "The shift to clean energy and climate resilience will not be stopped."

The Executive Secretary also highlighted the need for adaptation indicators, asserting that "you can’t manage what you don’t measure." As countries prepare to submit their Biennial Transparency Reports this year, he emphasized that these assessments would reveal critical gaps and help guide future resilience efforts.

To further support nations in crafting their Nationally Determined Contributions (NDCs) due next year, the UNFCCC will launch a "Climate Plan Campaign." This initiative, alongside the revival of Climate Weeks in 2025, aims to strengthen global climate action and foster collaboration.

The Executive Secretary concluded his speech with a call for unity, urging delegates to seize this historic moment to drive meaningful action on climate finance and resilience for the collective well-being of all nations.