The Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC) outlined ambitious objectives for the COP29 climate summit in Baku, Azerbaijan. In his opening speech, Stiell emphasised the critical need for updated global climate finance goals and decisive action on carbon markets.
A Rallying Call for Coordinated Action
Stiell addressed global leaders, urging them to take urgent action in the face of the escalating climate crisis. He stated that while there has been some progress, COP remains the only platform for addressing the climate crisis on a global scale.
“This UNFCCC process is the only place we have to address the rampant climate crisis, and to credibly hold each other to account to act on it,” Stiell said. He stressed that without this framework, the world could be on a path to catastrophic climate impacts, potentially resulting in five degrees of warming.
The Need for an Updated Global Climate Finance Goal
One of Stiell’s key messages was the need for an updated global climate finance target. He argued that climate finance should not be seen as charity, but rather as a vital element in ensuring economic resilience for all countries. “An ambitious new climate finance goal is entirely in the self-interest of every nation,” he stated.
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Stiell highlighted that effective climate finance is critical for countries to meet their climate targets and reduce their vulnerability to climate impacts.
Action on Carbon Markets and Article 6
Stiell also called for robust action on carbon markets, particularly through the finalization of Article 6 of the Paris Agreement. This article allows countries to cooperate on climate action through carbon markets and other mechanisms, enabling them to meet emissions reduction targets more affordably.
He urged the COP29 delegates to ensure that international carbon markets are operational and can help drive further progress in reducing global emissions.
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A Call for Concrete Action and Cooperation
Acknowledging the frustrations over slow progress, Stiell urged delegates to take concrete steps on issues such as adaptive supply chains, climate resilience, and improved transparency measures. He also stressed the importance of the upcoming Climate Plan Campaign, which supports countries in crafting and updating their national climate plans.
“Now is the time to show that global cooperation is not down for the count. It’s rising to this moment,” Stiell said, calling on attendees to demonstrate determination and ingenuity in Baku.
COP29 takes place from November 11-22, with the world’s eyes on Baku as leaders work to find solutions to the global climate crisis.
