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UN Climate Chief Seeks Political Backing for $1.3 Trillion Finance Plan Ahead of COP33
🇵🇬 Papua New Guinea /Environment & Climate

UN Climate Chief Seeks Political Backing for $1.3 Trillion Finance Plan Ahead of COP33

From Post-Courier · () English

Translated from English, summarized and contextualized by DistantNews.

At a glance

News Named sources Context piece
  • UN Climate Change Executive Secretary Simon Stiell is urging stronger political backing for a roadmap to mobilize $1.3 trillion annually by 2035 for climate finance.
  • Stiell emphasized that finance is crucial for turning climate commitments into action and achieving Paris Agreement goals.
  • The Baku to Belém Roadmap provides a framework for scaling up climate finance, signaling confidence to governments, investors, and the private sector.

UN Climate Change Executive Secretary Simon Stiell is calling for robust political support to implement a global climate finance roadmap designed to mobilize $1.3 trillion annually by 2035. Stiell warned that without adequate finance, climate commitments cannot translate into meaningful action.

This discussion goes to the heart of our work today. This is an era of implementation in climate action. And finance will drive it forward.

— Simon StiellUN Climate Change Executive Secretary emphasizing the importance of finance for climate action.

Speaking at a joint event during the UN June Climate Meetings in Bonn, Stiell highlighted that climate finance is the linchpin for transitioning from planning to implementation and achieving the ambitions set forth in the Paris Agreement. "This is an era of implementation in climate action. And finance will drive it forward," he told delegates.

It is essential for a truly global transition: For turning plans into projects. Bringing the benefits of climate action to billions of people. *And laying the groundwork for more ambitious commitments that the science demands, for the second global stocktake.

— Simon StiellUN Climate Change Executive Secretary explaining the role of finance in global climate transition.

Stiell stressed the essential role of climate finance in facilitating a global shift towards low-emission and climate-resilient economies. "It is essential for a truly global transition: For turning plans into projects. Bringing the benefits of climate action to billions of people," he stated. He added that it is also crucial for laying the groundwork for more ambitious commitments required by scientific consensus.

Together, at COP29, countries called on all actors to scale up climate finance to US$1.3 trillion by 2035.

— Simon StiellUN Climate Change Executive Secretary reminding delegates of the agreed-upon climate finance target.

The focus is on implementing the Baku to Belém Roadmap, developed from COP29 decisions, which aims to guide efforts to increase climate finance over the next decade. Stiell reminded attendees that countries had agreed at COP29 to scale up climate finance to $1.3 trillion by 2035. He described the roadmap as a plan that signals confidence, demonstrating that the target is both achievable and essential, despite not being a formally negotiated outcome. He urged countries and institutions to unite behind the plan, acknowledging the significant global economic and geopolitical challenges that disproportionately affect developing nations.

This Roadmap is the plan we need to answer that call: A powerful signal of confidence – that US$1.3 trillion is both achievable and essential.

— Simon StiellUN Climate Change Executive Secretary describing the Baku to Belém Roadmap.
DistantNews Editorial

Originally published by Post-Courier in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.

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