Executive Secretary of the United Nations Framework on Climate Change is calling on countries to agree on a new climate finance goal.
Simon Stiell said this at the opening ceremony of the 29th session of the climate change conference, urging nations to take bold steps.
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 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.
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”.
Stiell noted that clean energy investments are skyrocketing, expected to hit $2 trillion next year – double what’s spent on fossil fuels. He stressed that the shift is unstoppable, and it’s time to speed it up.
“We need to move forward on mitigation, so targets from Dubai are realized.
We mustn’t let 1.5 slip out of reach. And even as temperatures rise, the implementation of our agreements must claw them back.
Clean energy and infrastructure investment will reach two trillion dollars in 2024. Almost twice that of fossil fuels”.
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