By Abubakar Yunusa
United Nations climate chief Simon Stiell has called on nations to agree on an ambitious new climate finance target to aid in global efforts to combat climate change.
Stiell made the remarks on Monday in Baku, Azerbaijan, at the opening of the 29th United Nations climate change conference (COP29).
Stiell emphasized the importance of reforming the global financial system to enable countries, particularly those vulnerable to climate impacts, to access adequate fiscal support.
“Let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation, including the largest and wealthiest,” he stated.
He stressed that agreeing on a target alone is insufficient, urging delegates to push for deeper reforms to create fiscal space for countries.
Stiell called on nations to accelerate efforts to meet climate mitigation targets, saying the global shift towards clean energy and resilience is “unstoppable” and should benefit all countries.
In his address, Stiell also underscored the need for international cooperation on carbon markets, urging countries to finalize Article 6 of the Paris Agreement to establish functional global carbon markets.
He reiterated the goal of limiting global temperature rise to 1.5°C, adding that countries must improve adaptation measures and ensure robust financial and technical support for loss and damage.
“We must agree adaptation indicators. You cannot manage what you do not measure,” Stiell said. “We cannot leave Baku without a substantial outcome.”
Stiell urged delegates to approach COP29 with determination, encouraging swift action and collaboration to drive meaningful agreements early in the conference.
“Show determination and ingenuity here at COP29. We need all parties to push for agreement right from the start… to stand and deliver,” he concluded.