UN Climate Change Executive Secretary Simon Stiell has expressed robust support for the newly introduced Baku to Belém Roadmap, which aspires to mobilize an impressive US$1.3 trillion annually by 2035 for climate finance. He deemed the initiative a critical plan intended to translate climate commitments into concrete actions that will protect lives and enhance economic stability.
Stiell described the roadmap as a vital extension of the finance milestone agreement reached at COP29, contributing to the momentum leading into COP30. He outlined the primary goal of this roadmap as the transformation of financial pledges into tangible, inclusive initiatives that yield real-world advantages.
In a notable first, over 200 stakeholders—including governments, banks, businesses, and community organizations—have collaborated to devise practical solutions aimed at increasing climate financing. This coalition’s focus is on significantly boosting funding for developing countries, assisting them in achieving their climate objectives. Stiell highlighted the potential of this unified approach to generate employment, fortify community resilience, and stimulate innovation, yielding considerable benefits for the global economy.
Despite the ambitious nature of this initiative, Stiell remains optimistic, asserting that the necessary tools are available, but a unified commitment and coordination have been lacking. He believes that aligning both public and private financial resources is crucial for reaching the $1.3 trillion target.
Stiell acknowledged the financial difficulties many governments currently face but also pointed to positive trends, such as falling clean energy costs and innovations in sectors traditionally resistant to decarbonization. He stressed the need to shift the perspective on climate finance; seeing it merely as a burden or charity, he warned, can hinder progress. “Investment in climate finance is essential for strengthening resilient global supply chains and supports economies, mitigating potential future costs exacerbated by climate disasters,” he emphasized.
The road ahead necessitates broadening access to diverse financial resources, including grants and low-interest capital, to relieve debt pressures and promote investment in clean energy and resilience projects. Stiell noted innovative strategies, such as debt swaps, as vital mechanisms for directing funds toward sustainable initiatives.
As climate-related disasters escalate—recent storms have severely impacted communities—Stiell urged for immediate action, noting that every dollar allocated today could avert much larger expenses in the future. While acknowledging the strides made under the Paris Agreement, he cautioned that the current pace of progress remains inadequate in the face of mounting climate challenges.
Stiell envisions a future where climate action stimulates economic growth and stability, asserting that this new era will emphasize linking formal climate processes more closely with the real economy. He stated, “Ensuring that climate finance is impactful for billions of people globally is essential.”
Concluding with a powerful message, Stiell reminded that global agreements must translate into decisive actions, especially as we approach COP30, aiming to solidify these ambitious financial structures. The initiative from Baku to Belém represents a significant milestone, emphasizing collaborative solutions to benefit people, the economy, and the planet, fostering hope for a sustainable and prosperous future.