emirates7 - Simon Stiell, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), commended the UAE for its unwavering efforts during its COP28 presidency.
In his opening speech at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, Stiell emphasized the importance of a global financial commitment to climate action, saying, "We must agree on a new global climate finance goal." He further warned that if two-thirds of the world’s nations cannot afford to reduce emissions swiftly, "every nation will pay a heavy price."
Stiell also highlighted the need for nations to enhance the resilience of their supply chains, noting that failing to do so would harm the global economy, as no country is immune to the effects.
He pointed out that climate finance should not be seen as "charity" and that an ambitious new climate finance goal serves the self-interest of all nations, including the wealthiest. However, he stressed that merely agreeing on a goal is not enough. "We must work harder to reform the global financial system, giving countries the fiscal flexibility they urgently need."
He also urged progress on international carbon markets, calling for the finalization of Article 6 and forward movement on mitigation, ensuring that the targets set in Dubai are achieved.
"We must not let 1.5 degrees slip out of reach," Stiell concluded, noting that investments in clean energy and infrastructure are expected to reach $2 trillion in 2024—nearly double the amount invested in fossil fuels.
In his opening speech at the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, Stiell emphasized the importance of a global financial commitment to climate action, saying, "We must agree on a new global climate finance goal." He further warned that if two-thirds of the world’s nations cannot afford to reduce emissions swiftly, "every nation will pay a heavy price."
Stiell also highlighted the need for nations to enhance the resilience of their supply chains, noting that failing to do so would harm the global economy, as no country is immune to the effects.
He pointed out that climate finance should not be seen as "charity" and that an ambitious new climate finance goal serves the self-interest of all nations, including the wealthiest. However, he stressed that merely agreeing on a goal is not enough. "We must work harder to reform the global financial system, giving countries the fiscal flexibility they urgently need."
He also urged progress on international carbon markets, calling for the finalization of Article 6 and forward movement on mitigation, ensuring that the targets set in Dubai are achieved.
"We must not let 1.5 degrees slip out of reach," Stiell concluded, noting that investments in clean energy and infrastructure are expected to reach $2 trillion in 2024—nearly double the amount invested in fossil fuels.