BAKU, Azerbaijan, December 3. COP29 in Baku gave us a breakthrough, a climate finance goal every country in the world agreed to, which if delivered will be an insurance policy for humanity, Executive Secretary of the UN Framework Convention on Climate Change (UNFCCC) Simon Stiell said addressing the Ministerial dialogue on finance: "Unlocking public and private finance for land restoration and drought resilience" - UNCCD COP16 in Riyadh, TurkicWorld reports.
"And this is not at a moment too soon. We know the systems that sustain life on Earth are under threat. Land restoration, drought resilience and climate change are inextricably linked. Therefore, we must make sure that this insurance policy is comprehensive, that this investment addresses the challenges that are in front of all of us, and that premiums are paid in full and on time," he said.
Simon Stiell noted that now is the time to marshal the resources the world needs to restore land and rebuild and build resilience against droughts.
"That means investing in sustainable land management, for example, in nature-based solutions and reforestation, investing in communities, in smallholder farmers, in small and medium enterprises that want to act and adapt, sustaining their livelihoods through inter-agriculture and learning from the experience and effort of local communities around the world. Multiplying the wins, their ingenuity opens to us all. Public finance, MDBs, private finance all have crucial roles to play here. Working in tandem, these different funding streams can increase impact and help more people," he noted.
COP29 held in Azerbaijan was remarkable for the decisions on a new core finance goal of $300bn that triples the previous $100bn target; full operationalization of the Loss and Damage Fund and conclusion of negotiations on high integrity carbon markets under Article 6.
