UN climate chief warns about contagious high fossil fuel prices

A global fossil fuel price crisis is “spreading inflation like a cancer” around the planet, the UN’s climate chief, Simon Stiell, told the opening plenary of critical UN climate talks in Turkey.

Stiell joined Cop31 hosts Turkey and Australia, which is leading the negotiations, in promoting renewable energy and a new electrification goal as an optimistic alternative to a planet still tied to oil, coal and gas.

Stiell told delegates this “fossil fuel cost chaos” had “delivered a global shock wave, hitting households hard and spreading inflation like a cancer”. He also said: “The urgency of this moment must drive us forward. Global heating is already costing the Earth,” adding that it was vulnerable communities paying the price and frustration at a lack of fairness was palpable.

Countries agreed at the 2023 climate summit to triple renewable energy capacity by 2030. Dr Fatih Birol, the executive director of the International Energy Agency, said if countries endorsed the 2035 electrification target it would give an “unmistakable signal to markets” and a chance to increase both renewable and nuclear electricity.