UN Climate Change Executive Secretary Warns of "Seismic Shift" in Global Climate Crisis

BAKU, Azerbaijan – The United Nations Climate Change Executive Secretary, Simon Stiell, Tuesday warned of a “seismic shift” in the global climate crisis, noting that in the past, the discissions were about climate action on saving future generations.

United Nations Climate Change Executive Secretary, Simon StiellHe told the second day of the UN Climate Change Conference (COP29) that the change has come about because the climate crisis is fast becoming an economy-killer.

”Right now, today, in this political cycle. Climate impacts are carving up to five per  cent of GDP (gross domestic product) in many countries. The climate crisis is a cost-of-living crisis.  Because climate disasters are driving up costs for households and businesses,” said Stiell, a former senior minister in Grenada.

He told world leaders that worsening climate impacts will put inflation on steroids unless every country can take bolder climate action.

”Let’s learn the lessons from the pandemic – when billions suffered because we didn’t take the collective action fast enough when supply chains were smashed. Let’s not make that mistake again. Climate finance is global inflation insurance.”

He warned that rampant climate costs should be public enemy number one and that letting this issue languish halfway down cabinet agendas is a recipe for disaster.

”But this isn’t just about saving your economies and your people.  Bolder climate action can drive economic opportunity and abundance everywhere. Cheap, clean energy can be the bedrock of your economies.

”It means more jobs, more growth, less pollution choking cities, healthier citizens and stronger businesses,” Stiell said, adding that billions of people simply cannot afford for their government to leave COP29 without a global climate finance goal.

”So for leaders here and back in capitals, make it clear that you expect a strong set of outcomes. Tell your negotiators, skip the posturing and move directly to finding common ground. Bring those positions together.

”We also need your direct engagement on new national climate targets and plans – NDCs (Nationally Determined Contributions).  So all of you can benefit from the boom in clean energy and climate resilience.

”These are not easy times, but despair is no strategy, and it’s not warranted. Our process is strong, and it will endure.  After all, international cooperation is the only way humanity survives global heating,’   Stiell said, adding “the time for hand-wringing is over; so let’s get on with the job”.

Meanwhile, COP has agreed on international carbon markets  standard with Yalchin Rafiyev, COP29 lead negotiator, telling a news conference that COP29 is a defining moment for multilateral climate action.

”We have already made progress during the year. But there is much to be delivered during COP29 and we have complex issues to address. We have worked intensively over the last days and hours to ensure that we can adopt the agenda on the first day.

”We have many significant priorities that the world is counting on us to deliver and we could not afford delay. We are delighted to say that we passed this first test and we got to work.”

He said on Monday, critical progress has been secred on one of the  key priorities, namely  Article 6, following a meeting of the supervisory body that was held here last month.

He said at that meeting, standards were proposed for how international carbon crediting projects will work.
”We built support for these standards at Pre-COP and worked intensively to lay the foundations for early endorsement. Yesterday, Parties reached consensus on the standards for Article 6.4 and a dynamic mechanism to update them.

”This is a critical step towards concluding Article 6 negotiations. This will be a game-changing tool to direct resources to the developing world and help us save up to US$250 billion a year when implementing our climate plans.”

Rafiyev said he is grateful to all parties who have come to COP29 ready to show flexibility, collaborate, and reach agreement.

”We are seeing an unprecedented level of enthusiasm and determination on Article 6. Colleagues, following years of stalemate, the breakthroughs in Baku have now begun.

But there is much more to deliver. Today and tomorrow we will host the leader-level summit,” he said, adding “it is a crucial opportunity for global leaders to speak up and step up.

”The world is waiting to see them and eager to hear from them. Leaders cannot miss this opportunity to send a strong signal of our collective commitment to confront the climate crisis.

”We also need them to provide clear direction and mandates for their negotiators at COP29.”

Stiell, in welcoming the agreement on Article 6, said the International Energy Agency (IEA) predicts two trillion US dollars will be invested in clean energy and infrastructure this year alone.

”And that’s remarkable, but it’s only a fraction of the global economy. And the vast majority of it concentrates in just a few big markets. Climate investment must flow to where it’s needed most, to save and improve lives and livelihoods of billions of people all around the world.”

He said enabling every country to take strong climate action is 100 per cent in all countries’ interests, even the largest and wealthiest.

”Unless all countries can slash emissions deeply, every country and every household will be hammered even harder than they currently are. We will be living in a permanent inflationary nightmare.”

He warned that this is not some far-off risk. The climate crisis is a cost-of-living crisis right now in every economy across the planet.
”As climate disasters hit supply chains and food production harder each week, climate action is global inflation insurance.”

He said while agreement was reached on Article 6, he told reporters “there’s more work to do, but this is a good start,  the product of over 10 years of work within the process.

”Colleagues, you are masters of making complex things understandable, so let me say on Article 6 – this is not some bit of arcane UN bureaucracy.”

He said when operational, these carbon markets will help countries implement their climate plans faster and cheaper, driving down emissions.

”We are a long way from halving emissions this decade, but wins on carbon markets here at COP29 will help us get back in that race. We must ensure that developing countries benefit from new flows of finance.

”There is more work to do on Article 6, and the process allows for all perspectives to continue to be heard. And there is a huge amount of work to do at the COP more broadly, to ensure it delivers the strongest of outcomes,” he told reporters.