“The impacts of a worsening climate will pump up inflation like steroids unless all countries take bolder climate action.” For this reason “climate finance is global insurance against inflation. Rising climate costs should be public enemy number 1″. This was said by Simon Stiell, executive secretary of the UN Convention on Climate Change, the UNFCCC, as he opened the COP29 session in Baku dedicated to heads of state and government, the World Leaders Climate Action Summit, today and tomorrow.
“The climate crisis is a cost of living crisis, because climate disasters are raising the cost of housing and doing business,” Stiell said. In his opinion “leaving the issue to languish unresolved on government agendas is a recipe for disaster”.
“We were used to talking about climate action as if it concerned above all the salvation of future generations – explained the UNFCCC secretary -. But there has been an epochal turning point in the global climate crisis, because the crisis is rapidly becoming an economic killer Climate impacts are cutting up to 5% of GDP in many countries.” “Let’s learn the lessons from the pandemic,” Stiell said, “when billions of people suffered because we didn’t take collective action early enough, when supply chains were hit. Let’s not make that mistake again. Millions of people simply their governments cannot afford to leave COP29 without a global climate finance target.”
