UN calls for urgent climate finance agreement at COP29

The UN Monday called on global leaders to prioritize urgent climate action and financial reform, emphasizing the economic and human cost of inaction.

"An ambitious climate finance goal is not charity—it's self-interest for every nation," Simon Stiell, executive secretary of the UN Framework Convention on Climate Change (UNFCCC), said in his opening remarks at COP29 in Baku.

The 29th Conference of the Parties (COP29) to the UNFCCC commenced in Baku on Monday, bringing together world leaders, policymakers, and activists with a renewed commitment to address intensifying climate crises.

Running until Nov. 22, the event will see discussions around global warming, climate adaptation, and sustainability.

"An ambitious new climate finance goal is entirely in the self-interest of every single nation, including the largest and the wealthiest," he said, advocating a shift to clean energy, with projected investments reaching $2 trillion in 2024.

"This crisis is affecting every single individual in the world, one way or another," he said, calling on nations to "agree a way out of this mess."

Stiell further called for finalizing Article 6 to enable international carbon markets and warned that if global temperatures rise unchecked, "the entire global economy will be brought to its knees."