Editor
By Fatima Saka
With the approaching Conference of the Parties COP29, the Executive Secretary of the United Nations Climate Change, Simon Stiell, has emphasized the necessity for a fresh climate finance deal.
He expressed that this is not merely about determining a financial figure, but rather about making a deliberate commitment to initiate the flow of funds promptly from various sources.
While acknowledging the importance of public and concessional finance, he underscores the significance of blended finance, which can be facilitated through substantial reforms of development banks and more robust climate policies by governments.
Mr. Stiell conveyed this message during the New York Climate Week of Sustainable Investment Forum held on Tuesday.
The Executive Secretary of the UNCC underscores the urgency for a new climate finance deal, emphasizing that it is more than just a monetary estimation.
He expressed that symbolizes a dedication to ensuring the immediate allocation of funds from diverse origins, encompassing public and concessional finance as well as blended finance, which can be enabled through substantial reforms of development banks and more stringent climate policies by governments.
“Urgent progress is imperative, both at the climate negotiations in Baku this year and among G20 ministers who hold stakes in major development banks.
“In most reports discussing the scope of opportunity and necessity for climate action across developing nations, a significant portion of the analysis is devoted to the private sector. However, a realistic assessment of the current and future capacities of the private sector is essential.
“Today, I invite you to not only identify the obstacles but also propose collaborative solutions to overcome them.”
He emphasizied that undoubtedly, governments must assume a pivotal role. “The upcoming national climate plans scheduled for early next year, known as NDCs, will stand as one of the most crucial policy documents of this century, alongside adaptation plans.
Collectively, you wield substantial influence in opening doors for policymakers worldwide.
“Your influence is palpable. Your advocacy is more indispensable than ever, as you advocate to governments the rationale behind intensifying their climate efforts and formulating more robust plans and policies to support them.
“Each of you plays a vital part in signaling to governments to give the green light for more investments.
“In the current scenario, as global competition in climate action intensifies, any hesitancy or reluctance from governments is essentially relinquishing substantial economic and commercial prospects to investors and firms from other nations.
“Therefore, I implore you to raise your voices and make them resound. Notify governments that you are prepared to seize these immense opportunities, not in the future, but now.”
