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‘An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and the wealthiest,’ says UN climate chief Simon Stiell during the COP29 opening ceremony
MANILA, Philippines – The United Nations’ climate chief opened the 29th Conference of Parties (COP29) in Baku, Azerbaijan with an impassioned plea to dispel the notion that climate finance is charity.
“Let’s dispense with the idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and the wealthiest,” Simon Stiell, the executive secretary of the United Nations Framework Convention on Climate Change, asserted on Monday, November 11.
However, it’s not enough to simply agree on a new goal, said Stiell.
“We must work harder to reform the global financial system, giving countries the fiscal space they so desperately need,” the UN official added.
What goal is Stiell talking about? It’s the main agenda of the climate summit this year: the new collective quantified goal on climate finance or NCQG. This is the fund that should help poor nations deal with climate change.
Moreover, this is the COP29 leadership’s top priority, according to COP29 president-designate Mukhtar Babayev.
“As we mobilize climate finance, we allow for high ambitions,” said Babayev during the opening ceremony. “And as we signal to higher ambitions, we build trust to unlock greater financial commitments.”
“To enable action, the COP29 presidency’s top priority is to agree on a fair and ambitious new collective quantified goal on climate finance,” he added.
During the two-week climate summit, parties are expected to hammer out the details of the climate fund target which is expected to reach trillions. There is also clamor to expand the donor base for the fund.
Stiell’s statement sets an expectation to parties, particularly the Annex I countries, that climate finance is not merely a matter of generosity.
COP29 is happening from November 11 to 22. It’s being called the “Finance COP,” which must deliver the target and the financial mechanisms to set the stage for COP30 in Brazil next year. – Rappler.com
