Baku: Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), has emphasized the ongoing efforts by negotiators in Baku to establish a new climate finance goal, as reported by APA.
According to Azeri-Press News Agency, Stiell’s statement comes ahead of the G20 Leaders Summit in Rio de Janeiro, urging the world’s largest economies to prioritize climate action. He highlighted the urgent need for the G20 to address the global climate crisis, noting the severe impacts on economies, supply chains, and inflation. Stiell underscored that without significant emission reductions, G20 economies would face climate-induced economic challenges.
He also pointed to a positive development, revealing that $2 trillion will be directed towards clean energy and infrastructure this year, doubling the investment in fossil fuels. Some G20 countries are already benefiting from this clean energy surge.
Stiell stressed the importance of enhancing global climate finance to enable all
countries to enjoy the benefits of robust climate action, including growth, job creation, pollution reduction, and energy security. He noted that negotiators in Baku are diligently working towards a new climate finance goal, recognizing the high stakes involved at this stage of the COP process.
Stiell called on the G20 Summit to deliver clear messages about increasing grant and concessional finance availability, reforming multilateral development banks, and addressing debt relief for vulnerable countries. He concluded by emphasizing the necessity of international cooperation as the only viable solution to combat global heating.