As the second week of COP29 climate negotiations unfolds, little progress has been made on key issues such as climate finance targets, including the amount, contributor base, and eligibility criteria. High-level ministerial roundtables, scheduled for this week, are expected to drive stronger climate action as ministers join the talks.
Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), issued a call to action on Monday, urging nations to adopt transformative measures to address climate finance gaps and support vulnerable countries.
Stiell highlighted the escalating costs of climate adaptation for developing nations, which are projected to reach $340 billion annually by 2030 and could rise to $565 billion per year by 2050. He stressed that sufficient investments in climate adaptation could unlock economic opportunities and accelerate global progress.
“I urge multilateral development banks to think beyond traditional grants and loans,” Stiell said. “Philanthropies, the private sector, and bilateral donors must step up with the urgency that this crisis demands, without increasing the debt burden of vulnerable countries.”
The UNFCCC chief emphasized the importance of every country submitting their National Adaptation Plan (NAP) by 2025, describing it as “not just a timeline – it is a lifeline.”
“Other than that — it’s a fast-track to the stronger economies and societies that all countries want. And that is in every nation’s interest, in these turbulent times,” he added.
Stiell reassured delegates that achieving these goals is within reach. “This is not a distant dream. It is within reach. We have the tools, the science, the ability to achieve these outcomes. The funding exists. We need to unlock and unblock it.”
Several nations, including the United Kingdom, United Arab Emirates, Azerbaijan, and Brazil, have already submitted their adaptation plans ahead of the February 2025 deadline.
As the summit progresses, stakeholders are expected to accelerate efforts to mobilize the resources needed to combat the growing impacts of climate change and foster resilience among vulnerable populations.
