Simon Stiell: Climate Finance Turns Plans into Concrete Projects

Climate program financing is a key condition for implementing climate measures, enabling the transformation of plans into concrete projects and sustainable infrastructure.

As Report conveys, this was stated by the Executive Secretary of the UN Framework Convention on Climate Change Simon Stiell in a video address to participants of the Baku Climate Action Week 2026 (BCAW 2026).

He noted that at COP29 in Azerbaijan, countries managed to achieve significant progress in the area of climate financing.

"A new global goal on climate finance was agreed upon - $300 billion per year by 2035, along with a call to all parties to increase climate financing to at least $1.3 trillion annually by 2035," Stiell said.

According to him, at that time the "Baku to Belém Roadmap" was also launched, aimed at increasing climate financing to $1.3 trillion per year by 2035.

"Finance turns plans into projects and portfolios into power grids, resilient infrastructure, early warning systems, cleaner transport, more sustainable food systems, and safe communities," Stiell noted.

He emphasized that the implementation of climate commitments is becoming increasingly urgent amid the intensifying impacts of climate change.

"From record heat in North Africa to unprecedented wildfires in Europe and deadly storms in Chile - climate impacts threaten lives of people around the world," Stiell stated.

He also reported that investments in clean energy already exceed $2 trillion per year, and renewable energy sources have surpassed coal to become the largest source of electricity in the world.

According to Stiell, climate measures contribute to enhancing energy supply reliability, improving air quality and public health, creating new jobs, and strengthening resilience to climate shocks.