If developing nations are to reach global climate objectives, financial support will be vital, according to Bosnia and Herzegovina’s Chairman of the Presidency, eljko Komi, who spoke at the United Nations General Assembly on Wednesday.
He said the climate issue is intertwined with the Sustainable Development Goals (SDGs), a framework for ending poverty, protecting the environment, and ensuring peace and prosperity for all by 2030.
According to him, the scientific community’s warnings about climate change are no longer relevant as the world is already in the midst of a crisis situation. Finding solutions to climate change is an expensive endeavor but If we do not take the need to accelerate climate change mitigation actions seriously, it will cost considerably more.
Mr. Komi, on the other hand, believes that mitigation will be costly for the world’s least developed and emerging countries, which still rely on fossil fuels. He warned that those countries, on the whole, lack the capacity or resources to make a swift and equitable transition to renewable energy sources. In the medium run, this will have an impact on their ability to meet sustainable development goals.
As a result, financial support for the Green Agenda’s implementation is critical, with contributions from the United Nations Climate Change Conference’s Conference of Parties as well as regional organizations like the European Union.
Mr. Komi discussed some of the obstacles that his country has as it works to achieve the European Union’s climate change obligations under the Paris Agreement, as well as the process of entering the regional bloc. According to him, Bosnia and Herzegovina now have roughly 40% “green” capacity for electricity generation.