The climate crisis is no longer a threat to future generations, but a present danger to economies worldwide, UN Climate Change Executive Secretary Simon Stiell warned at the COP29 World Leaders Climate Action Summit on Tuesday.

“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,” Stiell said. “Because the climate crisis is fast becoming an economy-killer. Right now, today, in this political cycle.”

He emphasised that climate impacts are already cutting up to 5% off GDP in many countries, turning the crisis into a cost-of-living issue that drives up costs for households and businesses.

“Worsening climate impacts will put inflation on steroids unless every country can take bolder climate action,” Stiell warned. He drew parallels to the COVID-19 pandemic, highlighting the consequences of delayed collective action.

“Let’s learn the lessons from the pandemic – when billions suffered because we didn’t take collective action fast enough,” he urged. “Climate finance is global inflation insurance.”

Stiell called for immediate action, emphasising

that ignoring the issue risks economic and social catastrophe. He also highlighted the potential for economic growth and opportunity through climate action.

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

Stiell urged leaders to demand strong outcomes at COP29, including a global climate finance goal and new national climate targets and plans (NDCs).

“Billions of people simply cannot afford for their governments to leave COP29 without a global climate finance goal,” he said. “Make it clear that you expect a strong set of outcomes. Tell your negotiators – skip the posturing – and move directly to finding common ground.”

Despite the urgency, Stiell expressed optimism about the international cooperation necessary to address climate change.

“These are not easy times, but despair is not a strategy, and it’s not warranted,” Stiell said. “Our process is strong, and it will endure. After all, international cooperation is the only way humanity survives global warming. The time for hand-wringing is over; let’s get on with the job.”

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