UN: Expensive fossil fuels are raising global inflation
UN climate chief Simon Stiell told delegates at COP31 in Antalya that expensive oil, coal and gas are creating an economic shock and hitting households.
Rising prices for fossil fuels are producing a global economic shock and adding upward pressure to inflation worldwide, United Nations climate chief Simon Stiell warned at the opening of COP31 in Antalya, Turkey.
Stiell said the spike in oil, coal and gas prices is hitting households hard, while the impacts of climate change are felt most intensely by the most vulnerable communities.
Focus on accelerating the energy transition
The two-week summit, attended by representatives from nearly 200 countries, is concentrating on speeding up the energy transition and increasing electricity generated from renewable sources.
Host country Turkey and Australia, which is leading the negotiations, have proposed raising the share of electricity in total energy consumption from the current 20 percent to 33 percent over the next ten years.
Conference participants warned that the goal of limiting global warming to 1.5 degrees Celsius is seriously jeopardized, but urged that the target not be abandoned.
Photo: press material from the event
