United Nations Climate Change Executive Secretary, Simon Stiell
COP29: A New Finance Goal for Climate Action
The United Nations Climate Change Executive Secretary, Simon Stiell, has described the new finance goal agreed upon at the Conference of Parties (COP 29) to the UN Framework Convention on Climate Change (UNFCCC) as "an insurance policy for humanity."
A New Finance Goal
The new finance goal aims to provide at least US$300 billion annually to the global fight against climate change. This will help all countries share the huge benefits of bold climate action, including more jobs, stronger growth, cheaper and cleaner energy. However, developing countries, including those in the Caribbean, had sought over one trillion dollars in assistance.
Reaction from Delegates
Stiell, a former senior Grenada government minister, acknowledged that no country got everything it wanted and that the world leaves Baku with a mountain of work to do. He emphasized that this is no time for victory laps, and we must set our sights and redouble our efforts on the road to Belém, in the eastern Amazonian region of Brazil, which is set to host COP30 next year.
Some delegations applauded the deal, while others, especially from the developing world, expressed their deep disappointment at what they argued was an "insulting" financing target and the fact that the agreed text failed to build on an agreement passed last year calling for nations to "transition away from fossil fuels."
Global Carbon Market
Countries also agreed on the rules for a UN-backed global carbon market. This market will facilitate the trading of carbon credits, incentivizing countries to reduce emissions and invest in climate-friendly projects.
Conclusion
The COP29 outcome highlights the need for swift action to address the climate crisis. While the new finance goal is a step in the right direction, it is crucial that commitments are translated into swift action. The world must work together to ensure the top-end of this new goal is met.
FAQs
Q: What is the new finance goal for climate action?
A: At least US$300 billion annually
Q: What was the original goal?
A: US$100 billion
Q: What is the new collective qualified goal (NCQG)?
A: Replaces the US$100 billion goal that will expire in 2025
Q: What is the extension of a program centered on gender and climate change?
A: The extension was agreed upon at COP29
Q: What is the reaction from UN Secretary-General Antonio Guterres?
A: "This agreement provided a base to build. It must be honored in full and on time. Commitments must quickly become cash. All countries must come together to ensure the top-end of this new goal is met."
About The Author
