Simon Stiell to world leaders: Worsening climate impacts will put inflation on steroids unless every country can take bolder climate action

The following is a transcript of remarks delivered by UN Climate Change Executive Secretary Simon Stiell to world leaders at the UN Climate Change Conference (COP29) on 12 November 2024 in Baku, Azerbaijan.

We used to talk about climate action as being mostly about saving future generations.

But there has been a seismic shift in the global climate crisis.

Because the climate crisis is fast becoming an economy-killer.

Right now, today, in this political cycle.

Climate impacts are carving up to 5% off GDP in many countries.

The climate crisis is a cost-of-living crisis.  Because climate disasters are driving up costs for households and businesses.

Worsening climate impacts will put inflation on steroids unless every country can take bolder climate action.

Let’s learn the lessons from the pandemic – when billions suffered because we didn’t take the collective action fast enough when supply chains were smashed. Let’s not make that mistake again. Climate finance is global inflation insurance.

Rampant climate costs should be public enemy number one.

Letting this issue languish halfway down cabinet agendas is a recipe for disaster.

But this isn’t just about saving your economies and your people.  Bolder climate action can drive economic opportunity and abundance everywhere. Cheap, clean energy can be the bedrock of your economies.

It means more jobs, more growth, less pollution choking cities, healthier citizens and stronger businesses.

Billions of people simply cannot afford for their government to leave COP29 without a global climate finance goal.

So for leaders here and back in capitals – make it clear that you expect a strong set of outcomes. Tell your negotiators –skip the posturing – and move directly to finding common ground. Bring those positions together.

We also need your direct engagement on new national climate targets and plans – NDCs.  So all of you can benefit from the boom in clean energy and climate resilience.

These are not easy times, but despair is no strategy, and it’s not warranted. Our process is strong, and it will endure.  After all, international cooperation is the only way humanity survives global heating.

The time for hand-wringing is over; so let’s get on with the job.