“Annual climate finance is expected to reach $1.3 trillion by 2035. The Baku to Belém Roadmap has identified practical steps to accelerate progress in this direction and ensure that finance is directed to the areas where it is needed most,” Executive Secretary of the United Nations Framework Convention on Climate Change Simon Stiell said at the opening ceremony of the Fourth Climate Week (CW4) of the United Nations Framework Convention on Climate Change, APA reports.
According to him, investment in clean energy currently exceeds $2 trillion annually. Renewable energy sources have overtaken coal to become one of the main sources of electricity worldwide, and this gap is expected to widen further in the future.
Simon Stiell said that the transition to clean energy has already become irreversible.
The importance of implementing climate action not only in board meetings or municipal councils, but also in cities, industrial facilities and communities was emphasized.
“Among the key priorities for the period ahead, electrification, the development of electricity grids and energy storage systems, zero waste, food security, reducing methane emissions, and creating resilient and efficient cities occupy a special place,” Simon Stiell noted.
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