COP29: Pioneering a New Era in Climate Finance

At the UN climate conference in Baku, leaders must agree on a new international climate finance goal, driven by public finance, to support developing nations. Simon Stiell emphasized that this year's COP should secure meaningful financial commitments to protect the global economy and address climate impacts effectively.

In a pivotal moment for international climate policy, the upcoming COP29 conference in Baku stands as a beacon for addressing the global challenge of climate finance. On Thursday, UN Climate Change Executive Secretary Simon Stiell called for a new financial goal that genuinely supports developing nations, with public finance as its cornerstone.

Stiell highlighted the critical nature of climate finance during a virtual Brookings Institution event, urging governments to agree on concrete financial targets. These commitments are essential to safeguard billions of lives and economic stability, marking COP29 as the 'stand-and-deliver' conference.

Historically, developed nations pledged significant funding support, yet gaps remain. As debate continues over expanding the donor list, Stiell stressed the importance of funding adaptation efforts and embracing collective climate responsibilities to mitigate global climate risks effectively.

(With inputs from agencies.)