Brookings: At a virtual event hosted by the Brookings Institution, UN Climate Change Executive Secretary Simon Stiell emphasized the critical need for enhanced international climate finance, as reported by Trend News Agency. Stiell highlighted the disparity between current funding levels and what is necessary to combat climate crises, urging global leaders to establish a new financial goal at the upcoming COP29 Climate Conference in Baku.

According to Trend News Agency, Stiell described COP29 as the “stand-and-deliver COP,” where commitments to finance should translate into action to sustain the global economy and protect lives from severe climate impacts. He stressed that the focus should not be on renegotiating the Paris Agreement but on securing concrete financial commitments. Stiell pointed out that public finance should be central to these new climate funding goals, advocating for grants or concessional funding to ensure access for the most vulnerable nations.

The executive secretary also highlighted t
he importance of activating international carbon markets and increasing funding for climate adaptation. He noted the necessity of implementing mechanisms to ensure the delivery of promised funds and maintaining global trust in the climate process. Stiell called for the transformation of pledges made at previous climate summits into actual measures, specifically through national climate plans that align with global objectives.

Furthermore, Stiell underscored the need for the operationalization of the Loss and Damage Fund to support nations most affected by climate change. He concluded with a warning about the dangers of nations adopting an insular approach in response to global challenges, stating that this would jeopardize the collective fight against climate change.