UN Climate Chief Warns: 'Inflation on Steroids' Without Climate Action

UN Climate Change chief Simon Stiell has issued a dire warning about the economic impacts of climate change, describing it as 'an economy-killer.' He urged global leaders to prioritize climate action, highlighting its linkage to inflation and cost-of-living crises, and calling for a strong global climate finance goal at COP29.

Simon Stiell, the UN Climate Change chief, has issued a stern warning regarding the economic ramifications of climate change. Addressing global leaders at the COP29 summit, he described climate change as an 'economy-killer' and emphasized the urgent need for decisive action to mitigate its impacts on inflation and global economies.

Stiell called out the tendency of nations to neglect climate action in their policies, labeling it as a 'recipe for disaster.' He highlighted how climate-induced disasters are inflating costs and contributing to a growing cost-of-living crisis around the world. Stiell urged countries to treat climate finance as essential, likening it to 'global inflation insurance.'

He further advocated for a robust global climate finance goal, urging leaders to communicate their expectations to ensure cooperation and avoid diplomatic standoffs. Stiell stressed the importance of embracing clean energy as a means to create jobs, boost growth, and reduce pollution, framing bold climate action as a driver of economic opportunity.

(With inputs from agencies.)