Finance is a crucial factor in the global fight to protect the environment - UN official

Simon Steele, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), wrote on his social media page following his visit to Baku that the "Global Financial System must meet the UN's climate transition goals with a clear plan for their implementation, Azernews reports.

"Whether it is reducing emissions or building resilience to climate change, it is clear that finance is crucial to the global fight to protect the environment. Without a significant increase in finance, the 2023 climate victories at COP28 will quickly fade into empty promises. We need streams, not rivulets, of climate finance," Steele said.

He said climate finance issues to reduce greenhouse gas emissions will be key at the upcoming COP29 in Baku in November.

"COP29 in Baku will be a very important meeting to achieve our shared ambitions. Engagement with international financial institutions (IFIs), development banks will create confidence in the ability to realise climate goals," says Steele.

In his opinion, the annual investment of $2.4 trillion in RES development, adapting the world's economies to the energy transition is not such a critical amount, because it is about investing in innovation and technological progress.

"The industrial revolution is underway, the digitalisation of economies opens up great opportunities. Every sector of the economy should care about climate protection, there is a need for co-operation, teamwork," Steele emphasised.

He expressed hope that in 2024, private banks, IFIs will be able to demonstrate their intentions to support climate steps.

The Executive Secretary also said at a lecture at the ADA University in Baku that "the Olympic motto 'faster, higher, stronger' should become our common climate mantra".

"I had important talks in Baku and I am happy to give the lecture to ADA students. We are preparing a new, next climate conference - SOR29 in Baku. I congratulate again the government and citizens of Azerbaijan on this event. It is a great responsibility. There will be hard work ahead. But Azerbaijan will cope with it, as it has a great experience of hosting the world's most important events," Steele emphasised.

Addressing the students, he noted that the world will look beautiful in 2050 if it is possible to limit global warming to 1.5°C and protect all nations from the effects of climate change.

"Although last year's agreement at COP28 was far from perfect, but only a few years ago it was unthinkable at all, it is a very strong signal that global decarbonisation is inevitable," he believes.

He believes it will take an Olympic effort over the next two years to meet the targets set by the UN on climate by 2030 and by 2050.

"Governments around the world once consciously joined the Paris climate agreement. I think it is pragmatic and achievable to achieve a 43 per cent reduction in greenhouse gas emissions by 2030, and this was mentioned at COP28.

I see a global energy system with zero greenhouse gas emissions. The UN has been trying for 25 years to change the approach to the issue of environmental protection through necessary measures in the industrial sector, in agriculture. After all, the health of all people on Earth depends on it," said the UNFCCC Executive Secretary.

He added that decarbonisation is now an important part of the transformation of the world's economies.

"The UN will present a major study in 2025 on the achievements of the Paris Climate Agreement and it is important for us to step up our efforts," Steele added.