2024-02-02 22:09:01
Baku (WAM, agencies)
Simon Steele, Executive Secretary of the United Nations Framework Convention on Climate Change, stressed the need for more funding if the world is to achieve its climate change goals.
Steele said in a speech before a group of students at the Diplomatic Academy in Baku, the capital of Azerbaijan, which is hosting the COP29 climate summit next November, that the world needs at least $2.4 trillion for global climate change goals.
He pointed out that this amount required annually, according to estimates by the High-Level Expert Group on Climate Finance, will be for investment in renewable energy, adaptation, and other climate-related issues in developing countries.
He pointed out that the upcoming Conference of the Parties (COP29), which will be held next November, will be very important in the cycle of climate aspirations.
Stressing the need to work collectively to develop the global financial system so that it is fit for purpose with a clear plan to implement climate change in a meaningful way.
He said: “In fact, in the absence of more financing, the climate gains achieved in 2023 will quickly dissipate and turn into more promises, and we need torrents, not drops, of climate financing.”
He stated that “2024 is the year in which multilateral development banks must demonstrate, through concrete actions, their centrality in combating climate change in the world, and their determination to achieve impact on a large scale.”
Steele added: “Development banks should take bold steps towards financial innovation that will double their collective financial capabilities by 2030, especially with regard to grants and concessional financing.”
Climate finance will be the main focus of the talks hosted by Azerbaijan, where governments are expected to be tasked with setting a new post-2025 target for raising funds to support developing countries’ efforts to reduce emissions and adapt to the worsening impacts of climate change.
Setting a new financial target is likely to be a major challenge given that countries last year only achieved the 2009 target of raising $100 billion annually in climate finance by 2020.
“What we do in the next two years will determine how much climate devastation we can avoid over the next two decades, and far beyond,” Steele said.
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