UN climate chief appeals for $2.4 trillion in climate finance
![UN climate chief appeals for $2.4 trillion in climate finance](https://sustainabilityeconomicsnews.com/wp-content/uploads/2024/02/GFV-kjtW4AAJ-cI-scaled.jpeg)
Executive secretary, United Nations Framework Convention on Climate Change Simon Stiell while delivering a lecture at ADA University in Azerbaijan’s Baku on Friday, said at least $2.4 trillion is needed every year for energy transition of developing countries (excluding China).
COP29, to be held in Baku, is pivotal for the global South, focusing notably on finance. The conference aims to establish a new collective climate finance target, surpassing the $100 billion mark set in 2009. This target must reflect the needs and priorities of developing nations.
“What must we do this year to ensure the world’s shared goals remain within reach? We must spend the year working collectively to evolve our global financial system so it’s fit for purpose, with a clear plan to meaningfully execute the climate transition. Looking at the numbers, it’s clear that to achieve this transition, we need money, and lots of it. $2.4 trillion, if not more,” Stiell said.
The High-Level Expert Group on Climate Finance suggests that $2.4 trillion annually is required to invest in renewable energy, adaptation, and other climate-related matters in developing countries, excluding China.
“Whether on slashing emissions or building climate-resilience, it’s already blazingly obvious that finance is the make-or-break factor in the world’s climate fight – in quantity, quality, and innovation…In fact, without far more finance, 2023’s climate wins will quickly fizzle away into more empty promises. We need torrents – not trickles – of climate finance,” Stiell added.
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