G20 leaders urge to deliver ambitious finance goal at COP29, says UN Climate Chief

By Nazrin Abdul

In a powerful statement delivered today at COP29, United Nations Executive Secretary Simon Stiell called on world leaders to deliver on their promises and prioritize an ambitious new finance goal at the climate summit.

Speaking from Baku, Stiell emphasized that G20 leaders had issued a clear directive to negotiators: "Do not leave Baku without a successful new finance goal."

Stiell underscored the urgent need for global cooperation in addressing the climate crisis, highlighting the interconnected challenges of escalating climate impacts, crippling debt crises, and supply chain disruptions, which are fanning inflation across the world. According to the UN Executive Secretary, the establishment of a robust and forward-looking climate finance goal is not only critical for tackling climate change but also for ensuring economic stability and resilience in the face of growing environmental disasters.

"The G20 has sent an unequivocal message: financial reforms to ensure climate action are needed now more than ever," said Stiell. "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 stronger national climate plans must accompany the new financial commitments. The G20 leaders have recognized that only through bold and comprehensive climate strategies can countries transition to a clean-energy, climate-resilient global economy.

"Time is of the essence," Stiell urged, emphasizing the need for swift and decisive action in Baku. "We must move beyond posturing and get to work on reaching common ground on all issues, including finance, adaptation, and mitigation."

As COP29 moves forward, Stiell's statement signals a critical moment in global climate negotiations. The UN Executive Secretary's call for a balanced package—one that includes a new finance goal as a central pillar—will likely shape the discussions in the days to come, with all eyes now on whether world leaders can translate their commitments into concrete outcomes.

Stiell's remarks came just hours after G20 leaders, including representatives from the world’s largest economies, reaffirmed their commitment to addressing the dual challenges of climate change and economic instability, emphasizing the need for equitable financial solutions that ensure no nation is left behind in the transition to a sustainable future.

As COP29 continues, the world is waiting to see if the pledges made by the G20 leaders will translate into actionable progress on the ground.