UNFCCC chief: Climate crisis becoming economic killer

The climate crisis is rapidly evolving into an economic killer, according to Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC).

Speaking at a joint press conference held by the World Health Organization (WHO), UNICEF, and the Lancet Countdown on Climate, Health, and Children at COP29, Stiell warned of the urgent economic impacts of the climate crisis, Caliber.Az reports per local media.

He highlighted that an estimated $2 trillion is set to be invested in clean energy and related infrastructure. "Climate investments must target areas that can most effectively improve the lives of millions," Stiell said.

"The climate crisis is driving up the cost of living and is quickly becoming an economic killer. We need to take bolder action, and there is still much to be done at COP29."

Meanwhile, on the first day of the COP29 climate conference, significant progress was made on Article 6 of the Paris Agreement. The parties reached an agreement on stringent standards for a unified carbon market, marking a promising start to the conference.

Stiell also reported on this achievement during a press conference on the second day of the event. He noted that this development was the result of more than a decade of efforts. "Article 6 is not just UN bureaucracy. The launch of carbon markets will help countries implement their climate plans faster and more cost-effectively than through emissions reductions alone," Stiell explained.

While acknowledging that the goal of halving emissions this decade is still a long way off, he described the agreement on carbon markets as a crucial step.

"This victory at COP29 will help us get back into the race. We must ensure that developing countries benefit from new financial flows. There is still much work to be done on Article 6, but this will allow us to consider all viewpoints," he concluded.

By Aghakazim Guliyev