UN Climate Chief Warns New Finance Goals Alone Won't Curb Emissions

ENA Global 2024-11-12 16:45:39 New Delhi, Nov 12 (KNN) In a stark opening address at the COP29 climate conference in Baku, Azerbaijan, UN climate chief Simon Stiell emphasised that establishing a new global climate finance goal, while crucial, would be insufficient to address rising emissions without broader financial reforms. Speaking at the conference, which commenced today and runs until November 22, Stiell stressed the economic imperative of global climate action. If at least two-thirds of the world's nations cannot afford to cut emissions quickly, then every nation pays a brutal price, he warned, adding that vulnerable supply chains could bring the entire global economy to its knees. A key focus of the summit is mobilising support for the New Collective Quantified Goal (NCQG) on climate finance, intended to replace the previous USD 100 billion annual commitment from developed nations. Stiell argued that while an ambitious new finance goal serves all nations' interests, it must be accompanied by comprehensive reform of the global financial system. The urgency of these discussions is underscored by 2024's trajectory toward becoming one of the hottest years on record, following 2023's record-breaking temperatures. The World Meteorological Organisation has indicated an 80 per cent probability of temporarily exceeding the critical 1.5-degree Celsius threshold above pre-industrial levels within the next five years, a point beyond which scientists warn of severe climate impacts. This year has already witnessed numerous climate disasters globally, including heatwaves, hurricanes, droughts, wildfires, and most recently, flooding in Spain. Scientists caution these events will intensify in a warmer world, potentially triggering food shortages and disease outbreaks. India, a key player in the negotiations, plans to use its climate commitments to advocate for grants and concessional loans benefiting the Global South. The nation seeks firm commitments on the NCQG from developed countries, which will influence its future climate pledges under the nationally determined contributions (NDCs). (KNN Bureau) 39888 https://knnindia.co.in/news/newsdetails/global/un-climate-chief-warns-new-finance-goals-alone-wont-curb-emissions 2024-11-12 16:45:39 knnindia.co.in UN Climate Chief Warns New Finance Goals Alone Won't Curb Emissions