UN Executive Secretary Simon Stiell called on world leaders to honour their promises and prioritise a new ambitious financial target at the climate summit in a powerful statement at COP29 on Tuesday.
Speaking from Baku, Stiell emphasised that G20 leaders had given a clear message to negotiators:
“Do not leave Baku without a successful new finance goal.”
Stiell emphasised the urgent need for global cooperation in addressing the climate crisis, drawing attention to the interconnected problems of escalating climate impacts, devastating debt crises and supply chain failures that are driving up inflation around the world.
According to the UN executive secretary, creating a credible and ambitious climate finance target is crucial not only to combat climate change, but also to ensure economic stability and resilience in the face of growing environmental disasters. He said:
“The G20 has sent an unequivocal message: financial reforms to ensure climate action are needed now more than ever. This is essential in a world where the impacts of climate change are wreaking havoc on lives and economies, particularly in vulnerable regions.”
Stiell also noted that new financial commitments must be accompanied by stronger national climate plans. G20 leaders recognised that only through bold and comprehensive climate strategies will countries be able to transition to a clean energy-based, climate-resilient global economy. Stiell urged, emphasising the need for swift and decisive action in Baku:
“Time is of the essence. We must move beyond posturing and get to work on reaching common ground on all issues, including finance, adaptation, and mitigation.”
As COP29 progresses, Stiell’s statement signals a critical moment in global climate negotiations. The UN Executive Secretary’s call for a balanced package that includes a new financial target as a centrepiece is likely to shape the discussions in the coming days, with all eyes now on whether world leaders can translate their commitments into concrete results.
Stiell’s speech came just hours after G20 leaders, including representatives of the world’s largest economies, reaffirmed their commitment to tackling the twin challenges of climate change and economic instability.
Summit G20 conclusions
Meanwhile, the G20 leaders spoke in favour of reforming the UN Security Council, the World Trade Organisation and, more generally, the international financial architecture. The Summit Declaration notes that these plans “would meet the requirements and realities of the 21st century.” It is pointed out that the expansion of the UN Security Council to include countries from Africa, Asia-Pacific, Latin America and the Caribbean would make this body more representative, inclusive, efficient, effective, democratic and responsible.
WTO reform should help solve problems “to ensure that trade serves as an engine of growth and prosperity for all.” The declaration also noted:
“We will accelerate reform of the international financial architecture so that it can meet the urgent challenges of sustainable development, climate change and poverty eradication efforts. We support the voluntary establishment of country platforms as a possible tool to catalyse sustainable finance in emerging markets and developing economies.”
In addition, the G20 supported progressive taxation, calling it “key to combating inequality.”
