By Faridat Salifu
The executive secretary of the United Nations, Simon Stiell has emphasized the urgency of finding new finance sources for global climate action.
Stiell stressed that these new sources of finance are essential to meet the increasing needs of developing countries.
Highlighting the significance of the new rounds of nationally determined contributions (NDCs), Stiell, who spoke during a climate ministerial meeting in Copenhagen, Denmark, recently, noted that bold climate actions can drive business investment, productivity growth, and improved living standards.
He underscored that these new plans will play a crucial role in limiting global warming to 1.5 degrees and mitigating the severe impacts of the climate crisis.
Stiell also emphasized the necessity of making climate finance both bigger and better.
The UN Executive Secretary, called for increased investment in resilience to support National Adaptation Plans and proposed reforming development banks to prioritize climate funding.
He noted the importance of exploring innovative sources of financing to mobilize trillions of dollars, rather than billions, for global climate action.
Looking ahead to December 2025, Stiell envisioned a new generation of national climate plans, referred to as NDCs 3.0, that will serve as investment plans for the future.
He further emphasized the need for these new NDCs to be submitted by countries for 2035 within the next year, encouraging nations to enhance their 2030 climate targets simultaneously.
He said NDCs 3.0 should be seen as comprehensive blueprints for economic growth and job creation, particularly in industries and services driven by renewable energy.
He also highlighted the potential benefits of these plans in promoting skills development and increasing workforce participation, with a focus on engaging women.
The estimated adaptation financing required for developing countries this decade ranges from $215 to $387 billion annually, underscoring the growing gap in climate finance that must be addressed to effectively combat the global climate crisis.