At COP29 in Baku, discussions are focusing not only on establishing a new climate finance goal but also on the need to intensify climate action worldwide, Simon Stiell, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC), said during the sixth High-Level Ministerial Dialogue on Climate Finance at COP29, Report informs.
He emphasized the need to develop a constructive approach to problem-solving, acknowledging that financing is a key factor for ambitious climate action.
Adaptation projects have started receiving more funding in the form of grants and loans, adding, however, that there are important aspects that need to be emphasized – increasing transparency, accessibility, and affordability.
Stiell stressed the need to use all available opportunities to move forward in finding ways to improve access to financing.
Financing can become more accessible during a debt crisis, he noted, adding that more innovations and resources can be attracted to assist developing countries.