Executive secretary of UN Climate Change Stiell warned that the entire global economy will be brought to its knees If nations can’t build resilience into their supply chains
As the 29th Conference of Parties (COP29) to the United Nations Framework Convention on Climate Change (UNFCCC) starts on Monday, November 11 at Baku, Azerbaijan, the executive secretary of UN Climate Change Simon Stiell urged Parties to agree on a new global climate finance goal in his opening address.
Stiell began the opening speech by thanking the President-Designate of COP28 Sultan Al Jaber and the Emirati Presidency for their tireless work and passing the baton to Azerbaijan.
“We must work harder to reform the global financial system. Giving countries the fiscal space they so desperately need,” Stiell said.
He also pointed out the need to get the international carbon markets up and running by finalising Article 6 of the Paris agreement. “We need to move forward on mitigation, so targets from Dubai are realised,” he added. Article 6 establishes a framework for countries to trade carbon credits generated from reducing their greenhouse gas emissions, thereby helping other nations in achieving their climate goals.
Stiell said that the Parties must not let 1.5 degrees Celsius target set at the Paris Agreement slip out of reach. Even as the temperatures rise, the implementation of the agreements must claw them back, he urged.
UNFCCC is the only place to address the climate crisis and hold each other accountable, he said, while being confident about the process to be working. “Without it, humanity would be headed towards five degrees of global warming,” he said.
If at least two thirds of the world's nations cannot afford to cut emissions quickly, every nation will pay a brutal price, he said. He warned that the entire global economy will be brought to its knees If nations can’t build resilience into their supply chains. “No country is immune,” Stiell remarked.
He also urged for agreement on adaptation indicators, saying that the decisions can’t be made in the dark. “We need to know if we're on a pathway to increasing resilience,” he said. Biennial Transparency Reports, due this year, will provide a clearer picture of the progress being made and the gaps that need to be filled.
As all the countries are required to deliver their third generation of nationally determined contributions (NDCs) next year, Stiell mentioned about UNFCCC’s plans to launch a Climate Plan Campaign to support them in creating and communicating their NDCs. It will mobilise action from all stakeholders and align with the efforts of the UN Secretary-General António Guterres and the incoming Brazilian COP Presidency.
Stiell ended his speech by making the point that “We cannot leave Baku without a substantial outcome” and urged the Parties to show determination and ingenuity at COP29.