UNFCCC executive chief hails breakthrough in climate financing achieved at COP29 in Baku

The COP29 conference held in Baku has become a milestone that resulted in the achievement of the global climate financing goal, as agreed upon by all nations.

Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), highlighted this achievement during the Ministerial Dialogue on Financing, which focused on the topic "Unlocking Public and Private Finance for Land Restoration and Drought Resilience" at COP-16 in Riyadh, Saudi Arabia, Caliber.Az reports, citing local media.

Stiell emphasized that if this goal is fully implemented, it will serve as a form of insurance for humanity. "It has happened just in time. We know that the systems that support life on Earth are under threat. Land restoration, increasing drought resilience, and climate change are intricately connected. We must ensure that this insurance is comprehensive, with investments addressing the challenges we face, and 'premium payments' being made fully and on time," he stated.

He pointed out that now is the time to mobilize the resources needed for land restoration and enhancing drought resilience: "This means investing in sustainable land management, such as nature-based solutions and reforestation, supporting communities, small farmers, small and medium enterprises that are willing to act and adapt, securing their livelihoods through intersectoral agriculture."

"We must learn from the experiences and efforts of local communities worldwide. Their ingenuity brings success that can be scaled. Public funding, multilateral development banks, and private investments all play a crucial role here. By working together, these diverse streams of finance can magnify the impact and help more people," Stiell added.

The COP29 conference, held in Azerbaijan, resulted in several key decisions:

• A new goal was established to annually mobilize $300 billion in climate financing, three times the previous target of $100 billion.

• The Loss and Damage Fund was put into action.

• Negotiations on establishing reliable carbon markets under Article 6 of the Paris Agreement were concluded.

Notably, the Ministerial Dialogue addresses the critical need for increased investments to combat land degradation, desertification, and drought, which cost the global economy $10 trillion annually. Public finance supports long-term restoration projects, while private finance introduces innovative tools like green bonds and impact investing. Together, public-private collaborations can bridge funding gaps and scale sustainable solutions.

The sixteenth session of the Conference of the Parties (COP16) of the United Nations Convention to Combat Desertification (UNCCD) is taking place in Riyadh, Saudi Arabia, from December 2 to 13, 2024. The conference seeks to address the urgent global crises of land degradation, drought and desertification.

The UN’s COP16 unites leaders from governments, the private sector, civil society, and global stakeholders to accelerate progress in sustainable land management. Action at the Riyadh COP is the only way to turn the tide on the loss of fertile land globally. The COP16 conference is poised to be a watershed moment, marking a new global commitment to accelerate investment and action to restore land and build drought resilience for the benefit of people and the planet.

To recall, the UN's COP29 climate change conference, hosted in Baku, was hailed as a critical milestone in international climate negotiations, addressing long-standing issues and making significant strides. One of the key outcomes was the resolution of Article 6 of the Paris Agreement, which had stalled for nearly a decade. This breakthrough enables the operationalization of carbon markets, allowing for more efficient transnational climate actions, such as building wind farms and decommissioning coal plants.

By Khagan Isayev