UN Climate Change Executive Secretary Simon Stiell has expressed strong support for the newly launched Baku to Belém Roadmap, which aims to mobilize US$1.3 trillion annually by 2035 for climate finance. He hailed the initiative as a significant plan to transform climate commitments into tangible outcomes that will safeguard lives and bolster economies.
“This roadmap is an actionable continuation of COP29’s finance milestone agreement, fueling momentum towards COP30,” Stiell stated. He emphasized that the core objective of the roadmap is to convert financial commitments into practical, inclusive actions that ensure real-world benefits.
For the first time, over 200 governments, banks, businesses, and community organizations have united to create feasible solutions to mobilize climate finance. This coalition seeks to significantly increase funding directed towards helping developing nations achieve their climate goals. Stiell remarked that this coordinated effort has the potential to generate jobs, enhance community resilience, and foster innovation, ultimately providing substantial benefits to the global economy.
While acknowledging the ambitious nature of this goal, Stiell remains hopeful. “The tools we need are already available; what has been lacking is a collective commitment and coordination,” he added. The roadmap is poised to align public and private financial resources towards this crucial direction, instilling confidence that the $1.3 trillion target is attainable.
He also highlighted the current financial hardships many governments face, describing positive developments such as decreasing clean energy costs and innovations in sectors previously resistant to decarbonization. Stiell called for a paradigm shift in how climate finance is perceived. He pointed out that viewing climate finance merely as a cost or charity undermines progress: “Investment in climate finance is essential for strengthening resilient global supply chains and supports economies, mitigating potential future costs exacerbated by climate disasters.”
Stiell stressed the importance of expanding access to various financial resources, including grants and low-interest capital, to alleviate debt pressures and stimulate investment in clean energy and resilience projects. He mentioned innovative approaches like debt swaps as crucial tools for guiding funds towards sustainable initiatives.
As climate disasters continue to escalate, with recent storms negatively impacting communities, Stiell urged immediate action by stating that every dollar invested today could prevent significantly higher costs tomorrow. He acknowledged the progress made under the Paris Agreement but cautioned that the pace is still too slow for the growing challenges posed by climate change.
He envisions a future wherein climate action leads to economic growth and stability, stating, “This new era will focus on connecting formal processes closer to the real economy, ensuring that climate finance is impactful for billions of people globally.”
Stiell concluded with a fervent reminder that global agreement must evolve into decisive action, especially in the lead-up to COP30, which aims to solidify these ambitious financial structures. The journey from Baku to Belém marks a significant step forward, emphasizing collaborative solutions for the benefit of people, the economy, and the planet.