COP29: Nations must agree on new climate finance goal, says Simon Stiell

Simon Stiell, executive secretary of the United Nations Framework Convention on Climate Change (UNFCCC), has urged countries to agree on a new climate finance goal.

Stiell spoke on Monday in Baku, Azerbaijan, during the opening of the 29th session of the climate change conference of parties (COP29).

He said parties must work harder to ensure that the global financial system is reformed in order to provide countries with the fiscal space they need.  

“Let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest,” Stiell said.

“But it’s not enough to just agree on a goal. We must work harder to reform the global financial system, giving countries the fiscal space they so desperately need. 

“We need to move forward on mitigation so targets from Dubai are realised. The shift to clean energy and climate resilience will not be stopped. Our job is to accelerate this and make sure its huge benefits are shared by all countries and all peoples.”

Stiell emphasised the need for nations to establish functional international carbon markets by finalising Article 6 of the Paris Agreement.

He implored countries to keep the 1.5°C target within reach, even as global temperatures soar.

“We must agree adaptation indicators. You cannot manage what you do not measure. And we must continue to improve the new mechanisms for financial and technical support on loss and damage,” he added.

“In the past few years, we have taken some historic steps forward. We cannot leave Baku without a substantial outcome.

“Appreciating the importance of this moment, parties need to act accordingly. Show determination and ingenuity here at COP29. We need all parties to push for agreement right from the start… to stand and deliver.”