Climate Crisis Emerges As Threat To Global Economy - UN Executive Secretary

11/12/2024 5:15:21 AM

(MENAFN- Trend News Agency) BAKU, Azerbaijan, November 12. The climate crisis is emerging as a significant threat to economic stability, said Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change, at a press conference as part of COP29 in Baku, Trend reports .

He drove home the point that every country needs to roll up its sleeves and get down to brass tacks when it comes to cutting emissions.

"If we fail to take decisive action against the climate crisis, inflation will inevitably escalate. Delegates gathered at COP29 to address the critical issue of global financing, underscoring the connection between reduced pollution and a stronger economy. This vital topic will be at the forefront of discussions throughout the conference.

While challenges remain, we have made significant strides in tackling these issues. Global collaboration is essential for overcoming the climate crisis, and we must prioritize achieving tangible results. The outcomes of COP29 should serve as a catalyst for accelerating global financing, paving the way for a sustainable future," Stiell added.

The 29th session of the Conference of the Parties to the UN Framework Convention on Climate Change (COP29), which will run until November 22, opened today at the Baku Olympic Stadium. The event is the largest organized by Azerbaijan to date and is the first time the region has hosted the event in Azerbaijan.

The main expectation from COP29 is to agree on a fair and ambitious New Collective Quantitative Goal (NCQG) on climate finance.

The COP29 chairmanship has launched 14 initiatives that include linkages between climate action and the Sustainable Development Goals, including green energy corridors, green energy storage, harmony for climate resilience, clean hydrogen, methane reduction in organic waste, action on green digital technologies, and other topics.

MENAFN12112024000187011040ID1108875544

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.