Investments in «clean» energy and infrastructure for it in the world in 2024 will reach two trillion dollars, which is almost 2 times more than investments in fossil fuels. This was stated by the Executive Secretary of the UN Framework Convention on Climate Change Simon Steele at the Conference of the Parties (COP-29), which is taking place in Baku.

«The transition to clean energy and climate resilience is unstoppable. Therefore, the main task is to accelerate this process and ensure that its benefits are shared by all countries and peoples», Steele said.

According to him, the biennial country transparency reports (NDC), which will be presented this year, will give a clearer picture of the progress achieved and the gaps that need to be filled. «Next year, all countries will present the third generation of national climate plans – NDC.  To support countries in creating and presenting them, the UN will launch a climate plans campaign», he noted.

Climate problems, the UN representative is convinced, affect every person in the world, and failure to resolve the problem leads to further increases in food and energy prices, a decrease in the competitiveness of the economy, and even greater global instability.

«Here in Baku, we must agree on a new global goal for climate finance. If at least two-thirds of the world's countries cannot afford to quickly reduce emissions, then every country pays a high price», Steele emphasized.

In his opinion, if countries cannot ensure the sustainability of supply chains, the entire global economy will find itself in a difficult situation. «An ambitious new climate finance goal is fully in the interests of every country, including the largest and richest. But simply agreeing on a goal is not enough. We must work harder to reform the global financial system.  And here in Baku we must get the international carbon markets going by finalising Article 6. We need to move forward on mitigation so that the targets set in Dubai (at COP28) are met», he said.