ISLAMABAD, Oct 17 (APP): United Nations Climate Change Executive Secretary Simon Stiell has stressed the urgent need for an exponential increase in climate finance to meet the challenges of the global climate crisis.
He remarked this at the Brookings Institution’s Global Economy and Development Programme virtual event on Thursday.
Stiell highlighted that while significant progress has been made over the past decade, with global climate action investments reaching over $1 trillion last year, current efforts are still far from sufficient. He pointed out that developed nations mobilized more than $100 billion in climate finance to assist developing countries in 2022, as reported by the OECD.
However, with the increasing frequency and intensity of climate-related disasters, such as hurricanes Milton, Helene, and Beryl, Stiell warned that both wealthy and poor nations are facing mounting damages, which further strains global supply chains and exacerbates inflation.
“We can’t afford a world of clean energy haves and have-nots,” he said. Stiell called for immediate global action, emphasizing that trillions more are needed to bolster climate resilience and cut greenhouse gas emissions. He urged for enhanced collaboration between multilateral development banks, the International Monetary Fund (IMF), and G20 countries to ensure the availability of funds and support for developing nations.
Stiell noted that the upcoming World Bank Annual Meetings and COP29 in Baku are critical platforms for galvanizing financial commitments and scaling up efforts to meet the Paris Agreement goals. He called on all governments to agree on a new international climate finance goal, with a focus on providing grants and concessional finance for those most in need.
In closing, Stiell emphasized that climate finance is essential for global economic stability and the protection of billions of lives and livelihoods, urging nations to focus on solutions that foster stronger growth, more jobs, and secure clean energy for all.