Simon Stiel, Executive Director of the United Nations Framework Convention on Climate Change, speaks during the plenary session of the 13th day of the UNFCCC COP28 climate conference in Dubai, United Arab Emirates, on December 13, 2023.Fadel Dawod/Getty Images
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In a speech in Azerbaijan on Friday, UN climate chief Simon Stiel said the world needs at least $2.4 trillion annually to keep global climate goals within reach. He said that.
Mr. Stier, Executive Director of the United Nations Framework Convention on Climate Change, set out a timeline for the measures and funding needed to implement the goals of the Paris Agreement and keep global temperatures below 1.5 degrees Celsius.
“We have spent a year working to evolve the global financial system into a purposeful one, with a clear plan to meaningfully implement climate change,” Stiel told students at the Azerbaijan Diplomatic Academy in Baku. We have to work together.” “If you look at the numbers, it's clear that achieving this transition will require a lot of money: $2.4 trillion, if not more.”
Azerbaijan is scheduled to host the COP29 climate summit in November this year.
According to Reuters, this was Steele's first major speech since COP28 in Dubai last year.
“The High-Level Expert Group on Climate Finance estimates that developing countries, excluding China, need $2.4 trillion annually to invest in renewable energy, adaptation, and other climate-related issues,” Stiel said. said in his speech. “Whether it's cutting emissions or building resilience to climate change, it's already clear that finance is a deciding factor in winning or losing the world's fight against climate change, in terms of quantity, quality and innovation.”
The main focus of the climate conference in Azerbaijan will be climate financing. Governments will be asked to set new funding targets from 2025 onwards to help developing countries adapt to the effects of climate change and reduce fossil fuel emissions, Reuters reported.
Just last year, countries met their 2009 goal of committing $100 billion a year to climate finance by 2020.
“[W]Without far more funding, the climate victory in 2023 will quickly fade into more empty promises,” Stiel said. “We need a torrent of climate finance, not a trickle.”
By COP30, to be held in Brazil next year, countries will need to make new, stronger pledges to reduce emissions, and the funding to make them a reality, the Associated Press reported. officials said.
“Climate finance must not be smuggled out of aid budgets,” Steele said in his speech. “2024 is the year in which multilateral development banks must demonstrate with concrete actions their centrality in global climate action and their determination to have a large-scale impact, especially when it comes to grants and concessional finance. We must take bold steps towards financial innovation that will double, if not triple, our collective fiscal capacity by 2030.”
Mr Stier warned against taking a “victory lap” following the global stocktake agreement at COP28 in Dubai, given that there is much work to be done.
“It will take the efforts of Olympians over the next two years to put us on track for 2030 and 2050. In fact, the actions we take over the next two years will determine how much we can reduce the devastation caused by climate change. It's going to shape what we can and should avoid for the next 20 years and beyond,'' Still said.
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