UNFCCC Executive Secretary Urges New Ambitious Climate Finance Target at Baku Summit

 Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), has called on member countries to agree on a "New Collective Quantified Goal" (NCQG) for climate finance at COP 29 in Baku.

Speaking at the opening of the 29th UNFCCC session, set to continue through November 22, Stiell emphasized the importance of the negotiation process under the UNFCCC framework as a key platform for addressing the ongoing climate crisis. "This crisis impacts every person globally. The parties must find a way out of this turmoil. That is why here in Baku, we must agree on a new global target for climate finance," he said.

Stiell warned that if at least two-thirds of the world's nations cannot afford to rapidly cut emissions, all countries will bear a heavy cost. He highlighted the need to build resilience into supply chains to avoid widespread economic damage.

"Let us move away from the notion that climate finance is a form of charity," Stiell said. "An ambitious new financing goal for combating climate change aligns with the interests of every nation, including the largest and wealthiest. But it is not enough to merely set a target. We must reform the global financial system to give countries the budgetary flexibility they urgently need."

Stiell also stressed the importance of launching international carbon markets following the finalization of negotiations on Article 6 of the Paris Agreement. "We must advance climate mitigation efforts so that the targets set at COP 28 in Dubai become actionable. We cannot allow the 1.5-degree Celsius goal to slip out of reach. Even if temperatures rise, our agreements must help reverse the trend," he said.

According to Stiell, investments in clean energy and related infrastructure are projected to reach $2 trillion in 2024, nearly double the amount allocated to fossil fuels. "The shift towards clean energy and climate resilience is unstoppable. Our job is to accelerate this process and ensure that its significant benefits reach all countries and communities," he added.

Stiell emphasized the need to continue enhancing financial and technical support mechanisms, citing the start of the Loss and Damage Fund in 2025. He also noted that the upcoming UN biennial transparency reports (BTR), due by the end of 2024, will provide clearer insights into climate progress and existing gaps.

"Next year, all countries will submit their third-generation Nationally Determined Contributions (NDC 3.0). To assist in their preparation and dissemination, the UNFCCC will launch the 'Climate Plan' campaign, running from the end of COP 29 until September next year," Stiell said. He added that the campaign would align with efforts by the UN Secretary-General and Brazil, the host of COP 30, to mobilize climate action. Starting in 2025, Climate Weeks will be more closely integrated with the negotiation process and COP 29 outcomes.

"We cannot leave Baku without tangible progress," Stiell urged. "The parties must recognize the significance of this moment and act accordingly. Show resolve and creativity here at COP 29. We need all parties to come together and demonstrate what global cooperation is capable of achieving. Now is the time to prove that we are not defeated — we stand strong. Let us work together to make the most of this opportunity."