Baku Climate Summit: UN Executive Secretary Stresses Need for Updated Global Climate Finance Target and Robust Action on Carbon Markets
In a bid to set ambitious objectives for the upcoming COP29 climate summit in Baku, Azerbaijan, the United Nations (UN) Climate Change Executive Secretary Simon Stiell emphasized the need for an updated global climate finance target and robust action on carbon markets. Stiell's remarks came during the opening of the 29th session of the climate change conference of parties.
Stiell delivered a rallying call to global leaders, emphasizing the urgency of coordinated action on climate change amidst incremental progress made since COP27. He highlighted that despite the efforts, COP remains the sole forum for addressing the escalating climate crisis globally and underscored the critical nature of these negotiations.
Addressing delegates at the Baku Climate Summit, Stiell emphasized that "without the framework of the UN's climate agreements, humanity could be on a trajectory toward catastrophic five degrees of warming". He stressed the need for an updated global climate finance target and robust action on carbon markets, particularly through finalizing Article 6 of the Paris Agreement.
Article 6 enables countries to work together to achieve their emission reduction targets and outlines mechanisms for international cooperation on climate action. The UNFCCC (The United Nations Framework Convention on Climate Change) is aiming to make significant strides in this area by finalizing the mechanism, which will help reduce emissions more efficiently and affordably.
Stiell argued that an ambitious new climate finance goal will be in the self-interest of every nation, as "economic resilience hinges on comprehensive climate funding". He emphasized the need for adaptable and resilient supply chains, effective adaptation indicators, and improved transparency measures to gauge climate action progress at the summit.
The UN Executive Secretary also stressed the need to have international carbon markets up and running, citing them as a pivotal tool in achieving climate resilience. In line with this, he praised the upcoming Climate Plan Campaign, an initiative by the UNFCCC to support countries in crafting and updating their national climate plans, as "pivotal" in fostering global cooperation.
The 29th session of COP will focus on addressing several key issues, including climate finance, carbon markets, and adaptation measures for vulnerable communities. The Climate Plan Campaign aims to provide a supportive framework for nations to achieve significant progress in transitioning to an equitable energy mix while ensuring comprehensive resilience across the globe.
This year's annual climate conference is set to culminate in concrete agreements and meaningful outcomes by November 22, 2024.