Addressing the preparatory meeting of the 29th session of the Conference of Parties to the UN Framework Convention on Climate Change (Pre-COP29), Ms Mohammed called for urgent climate action, emphasizing the need for increased financial investment, reforms in the global financial architecture and a transition away from fossil fuels.
The poorest pay the price
As “extreme weather destroys lives and livelihoods around the world, with those who have contributed least paying the highest price,” Ms. Mohammed reiterated the Secretary-General’s message that we are at a moment of truth in our fight against the rising temperatures.
“We are minutes before midnight in our efforts to limit the increase in global temperatures to 1.5 degrees Celsiusshe said.
“We are witnessing in real time the consequences of inaction.”
Signs of hope
Despite this, Ms Mohammed said: “There is hope and we are moving in the right direction”.
She recalled progress since the signing of the 2015 agreement Paris Agreement on Climate Changenoting that “countries committed at COP28 to making 1.5C a reality (for) the next generation of NDCs and (they) recognized that the transition away from fossil fuels must accelerate in this critical decade.”
Global financial reforms
Ms Mohammed called for significant changes in the global financial system to elevate the voice and representation of developing countries and “build trust and legitimacy”.
She added that scaling up development finance to unlock the scale of resources is necessary to close today’s massive financing gaps.
She emphasized that “COP29 must build on this momentum – and translate the ambitions and commitments in the Global Stocktake into real, real economic results.”
New goal
Ms Mohammed also highlighted the importance of The New Collective Quantified Goal (NCQG). She described this as “an opportunity to reshape your economiesclimate financing, rebuilding trust, building solidarity and catalyzing ambition.”
She emphasized that it “helps address the well-known challenges that developing countries face: high costs of capital, high debt burdens and insufficient risk-bearing and affordable capital.”
She also emphasized that “it must send the right political and policy signals to markets and investors.”
COP29 and beyond
Looking ahead, Ms Mohammed noted that “we must also reach agreement on Article 6, with a COP29 outcome that is effective, fair and ready for implementation”.
“We need high-integrity carbon markets that are credible and with rules consistent with limiting warming to 1.5 degrees Celsius.”
She emphasized the importance of the next generation of Nationally Determined Contributions (NDCs).
“These must cover the entire economy and be in line with the 1.5 degree limit, which covers all sectors and all greenhouse gases. They should also show how each country plans to transition away from fossil fuels, in line with the outcome of COP28.”
Political will is a must
Ms Mohammed also noted the importance of the G20 countries, “which have the greatest capacity and responsibility (and) must demonstrate to the rest of the world in terms of ambition, quality and process”.
Ms Mohammed concluded with a call to action: “right now the biggest threat to global ambition is a lack of political will to act”.
She emphasized that “in today’s charged and divided world we must redouble our collective efforts to keep 1.5 within reach and protect those on the frontlines of the climate crisis.”
