Setting ambitious objectives for the COP29 climate summit here, UN Climate Change Executive Secretary Simon Stiell on Monday emphasised the need for an updated global climate finance target and robust action on carbon markets.

Stiell's remarks came during the opening of the 29th session of the climate change conference of parties (COP29) in Baku, the capital of Azerbaijan.

India’s key priorities at the conference are likely to focus on ensuring accountability for developed nations on climate finance, strengthening resilience for vulnerable communities, and achieving an equitable energy transition, experts anticipate.

Stiell delivered a rallying call to global leaders, emphasising the urgency of coordinated action on climate change.

Stiell's address highlighted that despite incremental progress, COP remains the sole forum for addressing the escalating climate crisis globally.

"This UNFCCC process is the only place we have to address the rampant climate crisis, and to credibly hold each other to account to act on it," he said, underscoring the critical nature of these negotiations.

He pointed out that without the framework of the UN’s climate agreements, humanity could be on a trajectory toward a catastrophic five degrees of warming.

Stiell stressed the need for an updated global climate finance target and robust action on carbon markets, particularly through finalising Article 6.

Article 6 of the Paris Agreement outlines mechanisms for international cooperation on climate action, allowing countries to work together to achieve their emission reduction targets. Specifically, it provides a framework for carbon markets and non-market approaches, which can help countries reduce emissions more efficiently and affordably.

"Let’s dispense with any idea that climate finance is charity. An ambitious new climate finance goal is entirely in the self-interest of every nation," Stiell argued, stressing that economic resilience in every country hinges on comprehensive climate funding.

Acknowledging the frustrations over the slow pace of progress, he pressed delegates to take concrete steps on several key issues. He urged for more adaptive and resilient supply chains, effective adaptation indicators, and improved transparency measures to gauge climate action progress.

He also stressed the need to have "international carbon markets up and running".

He pointed to the upcoming Climate Plan Campaign, an initiative by the UNFCCC (The United Nations Framework Convention on Climate Change) to support countries in crafting and updating their national climate plans, which he sees as pivotal in achieving climate resilience.

“Now is the time to show that global cooperation is not down for the count. It’s rising to this moment," he said.

He urged COP29 attendees to demonstrate “determination and ingenuity” by striving for decisive agreements and meaningful outcomes in Baku that can lead to lasting change.

This year’s annual climate conference is being held in Baku from November 11-22.

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