Fiji, April 22 -- UN Climate Change Executive Secretary Simon Stiell has warned that rising fossil fuel costs and global instability are putting pressure on economies, calling for urgent acceleration of climate action.

"These are perilous times."

"But this latest war has further locked-in much higher fossil fuel costs for months and likely years to come, delivering a gut-punch to every nation and billions of households," Stiell said at the opening of the Petersberg Climate Dialogue on Tuesday in Berlin, Germany.

Stiell warned of broader economic risks from global conflicts and their economic fallout.

"Fossil-fuel driven stagflation is now stalking economies - driving up prices, driving down growth, pushing budgets deeper into quagmire...