At the opening of COP29 in Baku, UNFCCC Executive Secretary Mr. Stiell dismissed the notion of climate finance as charity, emphasizing its critical role in combating global climate change. He warned that the failure of two-thirds of nations to reduce emissions swiftly could have dire economic and humanitarian consequences worldwide. Recognizing the limitations of single conferences in achieving comprehensive transformation, Mr. Stiell called for a new global climate financing goal to succeed the soon-to-expire $100 billion pledge from 2009. He advocated for comprehensive reforms of the global financial system to effectively address climate impacts, highlighting the urgent need for worldwide cooperation.
The conference coincides with the release of the WMO’s State of the Climate 2024 Update, flagging the decade 2015-2024 as the hottest on record. Rising temperatures, exacerbated by greenhouse gases and El Niño, have led to severe disruptions from decreasing glacial ice to rising sea levels. UN Secretary-General António Guterres noted these climatic shifts are endangering health, exacerbating inequalities, and challenging peace.
At this significant ‘climate finance COP,’ delegates aim to establish a new collective quantified goal to replace the $100 billion target expiring in 2025. The summit will also progress toward operationalizing the ‘loss and damage fund’ agreed upon at COP28, although its launch date remains uncertain. Looking ahead, all countries must submit their updated climate targets by February 2025 to align with the global temperature rise limit of 1.5 degrees Celsius. Additionally, guidelines for Article 6 of the Paris Agreement are expected to be finalized, enabling carbon credit exchange among nations to meet emission reduction targets. The conference thus represents a pivotal opportunity for nations to advance climate action and international cooperation.
Original Story https://news.un.org/feed/view/en/story/2024/11/1156776
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