The U.N. Mideast envoy says the prospect of peace between Israel and the Palestinians "is fading by the day as the specter of violence and radicalism grows" and "the risk of war continues to loom large."

Nikolay Mladenov also told the U.N. Security Council on Wednesday that a negotiated two-state solution is drifting further away.

In his words: "What is needed, first and foremost, is the necessary leadership and political will for change. Until that will can be found, Palestinians and Israelis will continue to slide into increasingly hazardous territory."

Mladenov stressed that leaders must believe peace is possible through negotiations.

He also said leaders and the international community must be committed to support Israelis and Palestinians to reach a peace deal based on U.N. resolutions and bilateral agreements.