The UN’s climate chief has warned that soaring fossil fuel prices are worsening inflation worldwide, as the COP31 climate summit opened in Turkey on Monday.
According to The Guardian, Simon Stiell told delegates from nearly 200 countries that the global energy crisis was putting growing financial pressure on households.
Stiell said “fossil fuel cost chaos” had “delivered a global shock wave, hitting households hard and spreading inflation like a cancer”.
The warning comes after the US war with Iran disrupted oil supplies through the Strait of Hormuz, pushing petrol prices worldwide up by approximately 50 percent.
Stiell urged countries to accelerate the transition towards renewable energy and reduce their dependence on oil, coal and gas.
“The urgency of this moment must drive us forward. Global heating is already costing the Earth,” he said.
The two-week summit in Antalya is expected to attract around 100,000 visitors, including representatives from nearly 200 countries.
Australia’s climate minister Chris Bowen, who is leading negotiations, urged governments to take stronger action despite expectations that global warming will exceed the Paris Agreement’s 1.5C target.
UN Secretary-General António Guterres also called for faster emissions reductions and increased financial support for vulnerable countries.
