By Faridat Salifu
In a rallying cry for urgent action, Simon Stiell, the United Nations Climate Change Executive Secretary, underscored the pressing need for a significant boost in climate finance to combat the worsening global climate crisis.
His remarks came during a virtual event hosted by the Brookings Institution’s Global Economy and Development Programme on Thursday.
Stiell highlighted an encouraging shift in recent years, noting that investments in global climate action have exceeded $1 trillion in the past year alone. Despite this progress, he cautioned that current funding levels remain woefully inadequate.
Data from the OECD reveals that developed nations mobilized just over $100 billion in climate finance for developing countries in 2022—a figure that falls short in the face of growing climate challenges.
The Executive Secretary pointed to the alarming rise in frequency and severity of climate-related disasters, specifically citing hurricanes Milton, Helene, and Beryl, which are wreaking havoc across both affluent and vulnerable nations.
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These catastrophic events are not only causing immense damage but are also disrupting global supply chains and exacerbating inflationary pressures.
“We cannot afford to exist in a world where clean energy is a privilege of the few,” Stiell proclaimed.
He stressed the necessity of immediate global cooperation to secure additional funding, specifically targeting the enhancement of climate resilience and the reduction of greenhouse gas emissions.
He called for cohesive collaboration among multilateral development banks, the International Monetary Fund (IMF), and G20 nations to ensure that financial resources flow effectively to developing countries.
Stiell pointed out the upcoming World Bank Annual Meetings and COP29 in Baku as pivotal moments for securing crucial financial commitments and amplifying efforts to align with the goals set forth in the Paris Agreement.
An appeal echoed in his statements urged all governments to converge on a new international climate finance target, emphasizing the importance of prioritizing grants and concessional finance for the most imperiled communities.
Affirming the vital link between climate finance, global economic stability, and the welfare of billions, Stiell urged nations to pursue initiatives that not only spur economic growth and job creation but also guarantee access to clean energy for all.
