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BAKU, Azerbaijan, CMC – The United Nations Climate Change Executive Secretary, Simon Stiell, Tuesday warned of a “seismic shift” in the global climate crisis, noting that in the past, the decisions were about climate action on saving future generations.
On the second day of the UN Climate Change Conference (COP29), he said the change occurred because the climate crisis was quickly becoming a killer of the economy.
“Right now, today, in this political cycle. Climate impacts are carving up to five percent of GDP (gross domestic product) in many countries. The climate crisis is a cost-of-living crisis. Because climate disasters are driving up costs for households and businesses,” said Stiell, a former senior minister in Grenada.
He told world leaders that worsening climate impacts will increase inflation unless every country takes bolder climate action.
“Let’s learn the lessons from the pandemic – when billions suffered because we didn’t take the collective action fast enough when supply chains were smashed. Let’s not make that mistake again. Climate finance is global inflation insurance.”
He warned that rampant climate costs should be public enemy number one and that letting this issue languish halfway down cabinet agendas is a recipe for disaster.
“But this isn’t just about saving your economies and your people. Bolder climate action can drive economic opportunity and abundance everywhere. Cheap, clean energy can be the bedrock of your economy.
“It means more jobs, more growth, less pollution choking cities, healthier citizens, and more substantial businesses,” Stiell said, adding that billions of people cannot afford their government to leave COP29 without a global climate finance goal.
“So for leaders here and back in capitals, make it clear that you expect strong outcomes. Tell your negotiators to skip the posturing and move directly to finding common ground. Bring those positions together.
“We also need your direct engagement on new national climate targets and plans – NDCs (Nationally Determined Contributions). So, all of you can benefit from the boom in clean energy and climate resilience.
“These are not easy times, but despair is no strategy, and it’s not warranted. Our process is vital, and it will endure. After all, international cooperation is the only way humanity survives global heating,’ Stiell said, adding, “The time for hand-wringing is over, so let’s get on with the job.”
Meanwhile, the COP has agreed on an international carbon market standard. Yalchin Rafiyev, the lead negotiator for COP29, told a news conference that COP29 is a defining moment for multilateral climate action.
“We have already made progress during the year. However, much is needed during COP29, and we have complex issues to address. We have worked intensively over the last days and hours to ensure we can adopt the agenda on the first day.
“We have many significant priorities that the world is counting on us to deliver, and we could not afford delay. We are delighted to say that we passed this first test and got to work.”
He said on Monday that critical progress had been secured on one of the key priorities, Article 6, following a supervisory body meeting held here last month.
He said that standards were proposed at that meeting for how international carbon crediting projects would work.
“We built support for these standards at Pre-COP and worked intensively to lay the foundations for early endorsement. Yesterday, the Parties reached a consensus on the standards for Article 6.4 and a dynamic mechanism to update them.
“This is a critical step towards concluding Article 6 negotiations. This game-changing tool will direct resources to the developing world and help us save up to US$250 billion a year when implementing our climate plans.”
Rafiyev expressed gratitude to all parties who came to COP29 ready to show flexibility, collaborate, and reach an agreement.
“We are seeing unprecedented enthusiasm and determination in Article 6. Colleagues, following years of stalemate, the breakthroughs in Baku have now begun.
But there is much more to deliver. Today and tomorrow, we will host the leader-level summit,” he said, adding, “It is a crucial opportunity for global leaders to speak up and step up.
“The world is waiting to see them and eager to hear from them. Leaders cannot miss this opportunity to signal our collective commitment to confront the climate crisis.
“We also need them to provide clear direction and mandates for their negotiators at COP29.”
Stiell welcomed the agreement on Article 6 and said the International Energy Agency (IEA) predicts two trillion US dollars will be invested in clean energy and infrastructure this year alone.
“And that’s remarkable, but it’s only a fraction of the global economy. And the vast majority of it concentrates on just a few big markets. Climate investment must flow to where it’s needed most, to save and improve lives and livelihoods of billions of people worldwide.”
He said enabling every country to take decisive climate action is 100 percent in all countries’ interests, even the largest and wealthiest.
“Unless all countries can slash emissions deeply, every country and every household will be hammered even more complex than they currently are. We will be living in a permanent inflationary nightmare.”
He warned that this is not some far-off risk. The climate crisis is a cost-of-living crisis right now in every economy across the planet.
“As climate disasters hit supply chains and food production harder each week, climate action is global inflation insurance.”
While agreement was reached on Article 6, he told reporters, “There’s more work to do, but this is a good start, the product of over 10 years of work within the process.
“Colleagues, you are masters of making complex things understandable, so let me say in Article 6 that this is not some arcane UN bureaucracy.”
He said when operational, these carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.
“We are a long way from halving emissions this decade, but wins on carbon markets here at COP29 will help us get back in that race. We must ensure that developing countries benefit from new flows of finance.
“There is more work to do on Article 6, and the process allows for all perspectives to continue to be heard. And there is a tremendous amount of work to do at the COP more broadly to ensure it delivers the most vital outcomes,” he told reporters.
Conclusion
The UN Climate Change Conference (COP29) has reached a critical milestone with the agreement on an international carbon market standard. The agreement is a significant step towards concluding Article 6 negotiations and will help direct resources to the developing world. However, there is still much work to be done to ensure the successful implementation of climate plans and to address the complex issues that remain.
FAQs
Q: What is the significance of the agreement on Article 6?
A: The agreement on Article 6 is a critical step towards concluding negotiations on international carbon markets and will help direct resources to the developing world.
Q: What are the benefits of the agreement?
A: The agreement will help countries implement their climate plans faster and cheaper, driving down emissions and benefiting developing countries.
Q: What is the next step for COP29?
A: The next step for COP29 is to host the leader-level summit, where global leaders will have the opportunity to speak up and step up on climate action.
Q: What is the significance of the International Energy Agency (IEA) predictions on clean energy investment?
A: The IEA predictions highlight the significant investment opportunities in clean energy and infrastructure, which must flow to where it’s needed most to save and improve lives and livelihoods of billions of people worldwide.
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