In a recent statement, the head of the United Nations (UN) for climate, Simon Stiell, stated that to maintain global climate change goals it is necessary to mobilize at least 2.4 trillion dollars. Simon Stiell uttered these words during a speech at the Azerbaijan Diplomatic Academy in Baku.
Where was the speech given?
This meeting was held in Baku, the capital of Azerbaijan, which will be the host city of the COP29 climate summit in November this year. Stiell presented a series of measures necessary to consolidate the commitments made at the climate summit held last year in Dubai.
Stiell’s first speech since Dubai
This was Stiell’s first major speech since the UN summit in Dubai, where nearly 200 countries agreed to begin a gradual transition away from fossil fuels to curb the worst impacts of climate change.
The need for financing for an effective transition
To effectively achieve such a transition, money is needed. The executive secretary said he needed $2.4 trillion, excluding China, a figure cited from a December report by the High-Level Expert Group on Climate Finance.
According to Stiell, the main topic of negotiations in Azerbaijan will be climate finance. Governments around the world will need to set a new post-2025 target to raise money to support developing countries’ efforts to reduce emissions and adapt to the increasingly severe impacts of climate change.
Specifying this challenge, Stiell states that the goal established in 2009 of mobilizing 100 billion dollars per year for climate financing by 2020 was only met last year.
Climate goals depend on financing
Stiell highlights the crucial role of finance in the global fight against climate change. He warns that, without an increase in funding, the success achieved at the COP28 summit in Dubai cannot be replicated.
The executive secretary of the United Nations Convention on Climate Change calls for the focus this year to be on ensuring that the global financial system and multilateral banks can increase climate finance. He calls on banks to triple the value of climate subsidies and concessional financing by 2030, as well as the rate of private capital they mobilize.
Finally, it warns against early celebration following the UAE agreement, as it allows countries to hide behind loopholes.
The rush against climate destruction
According to Stiell, the measures taken over the next few years will determine the level of climate-driven destruction we can avoid in the coming decades.