Simon Stiell, Executive Secretary, UN Climate Change said yesterday, climate finance needs to be bigger and better.
Speaking at the Copenhagen Climate Ministerial meeting yesterday, Stiell said funding will address the deadlock between developed and developing countries.
He said the world must reassess and agree on a new collective quantified goal for climate finance, by the end of this year.
“Funding must be bigger to meet developing countries’ growing needs.
Better, by finding new sources of finance for global climate action…Trillions, not billions.”
Funding is expected to come from all sources.
He set a timeline of December 2025, for the development of a new generation of national climate plans.
” These NDCs 3.0 are the investment plans for the future.
As I wrote to you all last week, these new NDCs for 2035 are due less than a year from now.
It’s equally vital that your 2030 targets are boosted in parallel, wherever possible” said Stiell.
Country plans are important in limiting global heating to 1.5 degrees this century, and averting the worst impacts of the climate crisis.