WASHINGTON: United Nations Climate Change Executive Secretary Simon Stiell has emphasized the urgent need for a substantial increase in climate finance to address the global climate crisis.
Speaking at the Brookings Institution’s Global Economy and Development Programme virtual event on Thursday, Stiell acknowledged the progress made over the past decade, with global climate action investments surpassing $1 trillion last year.
However, he noted that these efforts remain inadequate. According to the OECD, developed nations mobilized over $100 billion in climate finance to support developing countries in 2022.
Stiell warned that the increasing frequency and intensity of climate-related disasters, including hurricanes Milton, Helene, and Beryl, are causing significant damages in both wealthy and poorer nations, further straining global supply chains and driving inflation.
“We can’t afford a world of clean energy haves and have-nots,” he stated, calling for immediate global action. He emphasized that trillions more are needed to enhance climate resilience and reduce greenhouse gas emissions. Stiell urged for greater collaboration among multilateral development banks, the International Monetary Fund (IMF), and G20 countries to ensure funding and support for developing nations.
He highlighted the upcoming World Bank Annual Meetings and COP29 in Baku as critical opportunities to galvanize financial commitments and scale up efforts to meet the Paris Agreement goals. Stiell called for all governments to agree on a new international climate finance goal, prioritizing grants and concessional finance for those in greatest need.
He stressed that climate finance is vital for global economic stability and the protection of billions of lives and livelihoods, urging nations to focus on solutions that promote stronger growth, create jobs, and secure clean energy for everyone.
