As extreme weather events associated with climate change increase, the United Nations Environment Programme report has indicated climate adaptation is becoming more expensive. Countries may need an estimated $300 billion a year by 2030 and $500 billion by 2050.
Speaking at the opening of the June Climate Meeting, in Bonn, Germany, on Monday, Simon Stiell, UN Climate Change Executive Secretary, emphasized progress on finance to enable climate action.
Stiell said “we need more climate finance while we negotiate a future goal. Progress on one, enables the other.”
He said discussions in Bonn this week must consider a new grant and forms of concessional finance to developing countries, which must be coupled with global financial reforms that deliver debt relief and affordable finance.
Stiell also urged member countries in attendance, to move towards better carbon markets by making progress on Article 6. “Getting these markets to work can unlock more funding for national climate plans and adaptation. That’s why we’re convening Parties
and stakeholders during these meetings, to build consensus on a way forward at COP29.”