COP29: Need to improve financing to enable climate action, says UN climate chief Simon Stiell
COP29 on Thursday stressed the need to improve transparency, access and affordability of finance to enable climate action across the world.
Initiating the dialogue on the designated 'Finance and Trade Day' of the summit, UN climate chief Simon Stiell said for climate finance to deliver, it will need to be accessible, predictable and commensurate to the challenges faced in developing countries.
Referring to the findings of the progress report on efforts to raise over $100 billion a year prepared by the COP's Standing Committee on Finance, Stiell said the overall trend shows an increase in the funds with more money being allocated for adaptation. However, there is a need to improve transparency, access and affordability, he said. «The new goal is not just about a target but about enabling action,» the UN climate chief stressed.
Samoa's natural resources and environment minister Toeolesulusulu Cedric Schuster said, «Missed in 2020, the sum proved inadequate, and the quality delivered mostly as loans fell short. Restrictive conditions led to funds being concentrated in some countries, and imbalance led to finance skewed to mitigation.»
Meanwhile, through the day, negotiators continued closed door discussions. Responding to requests from negotiators, the facilitators for the finance track provided a «streamlined» text, a page shorter than the one they had released on Wednesday morning.
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