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Akbar Novruz

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In his address to the COP29 Leaders Summit on Tuesday, Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), called on global leaders to take bolder action on climate finance, framing it as essential to combating both the climate crisis and rising global inflation, Azernews reports.

“We used to talk about climate action as being mostly about saving future generations,” Stiell began, emphasizing the seismic shift in the climate conversation. "But today, the climate crisis is fast becoming an economy-killer."

Stiell noted that climate impacts are already shaving off up to 5% of GDP in many countries, underscoring that the climate crisis is no longer a distant problem—it’s an urgent cost-of-living crisis. “Climate disasters are driving up costs for households and businesses,” he said, warning that unless countries ramp up climate action, worsening impacts could lead to a further escalation of inflation.

Drawing lessons from the pandemic, Stiell urged global leaders to act quickly and collectively. “Billions suffered because we didn’t take collective action fast enough. Supply chains were smashed, economies were disrupted, and the impact was global,” he said. “Let’s not make that mistake again. Climate finance is global inflation insurance.”

Stiell called for a stronger focus on tackling rampant climate-related costs, which he described as “public enemy number one.” He warned that allowing climate change to linger low on the agendas of governments and decision-makers would lead to disaster.

But the solution, Stiell argued, was not just about mitigating risk—it was about seizing opportunity. “Bolder climate action can drive economic opportunity and abundance everywhere. Cheap, clean energy can be the bedrock of your economies,” he said. He pointed to the potential for job creation, growth, reduced pollution, and healthier populations as direct benefits of transitioning to a low-carbon economy.

He also urged leaders to commit to a clear global climate finance goal at COP29. “Billions of people simply cannot afford for their governments to leave COP29 without a global climate finance goal,” Stiell emphasized. “The world is looking for clear action, not empty promises.”

Stiell further called for leaders to push their negotiators to find common ground and work toward ambitious new national climate targets and plans (Nationally Determined Contributions, or NDCs), to ensure that countries can fully benefit from the global shift toward clean energy and climate resilience.

“These are not easy times, but despair is not a strategy,” Stiell said. “Our process is strong, and it will endure. International cooperation is the only way humanity survives global warming.”

As his address concluded, Stiell delivered a powerful call to action: “The time for hand-wringing is over; let’s get on with the job.”