We Mean Business Coalition response to the G20 communique
We Mean Business Coalition
Maria Mendiluce, CEO, We Mean Business Coalition said: “G20 Leaders have sent a clear message to Baku that it is essential to secure a strong outcome in the ongoing finance negotiations at COP29. They have expressed their readiness to reform the broader financial system to ensure that finance flows to those countries who need it most.
They have also reaffirmed their commitment to accelerating the clean energy transition in line with the outcome agreed in the Global Stocktake at COP28 in Dubai last year, ensuring these recommendations are reflected in their NDCs.
“It is essential to understand the momentum for a clean energy future is unstoppable, driven by scientific necessity and economic opportunity. Thousands of businesses representing a substantial portion of the world’s economic activity are investing heavily in renewable energy and efficiency technologies, making it clear that the direction of travel is not a negotiation topic but a market reality.
“Now we need to see this commitment reflected in ambitious and investible NDCs, with economy-wide and sector-targets that align with the 1.5°C Paris Agreement goal and backed by concrete policies and regulations. This policy certainty is critical to drive business decisions and give them confidence to make long term investments in climate-resilient, net-zero-aligned, and nature-positive economies.
“Following the leadership of countries like the UK and Brazil, the COP29 outcome can drive this forward, encouraging governments to develop clear policies and measures that will become the blueprint for a clean energy future and liveable planet.
“As countries are developing their NDCs and implementing the UAE Consensus, they must recognize they need to replace fossil fuels by reducing energy demand and increasing renewable energy supply. This is good for energy security and competitiveness. This sends a strong demand signal to the market and to countries that will be looking at ways to diversify their economies and reduce reliance on fossil fuel exports. For low- and middle- income countries, impacted most by climate change, an agreement at COP29 on climate finance that supports the move away from fossil fuels will help them prepare for this transition.
“G20 leaders reference the clean energy transition in the communique, following support by climate, environment, foreign affairs and finance Ministers in the G20 this year, as well as Heads of State at September’s Summit of the Future. However, they miss an opportunity to move the needle towards the demand and supply actions required for the clean energy transition.”
On Saturday, business groups, representing more than 38,000 businesses, sent a letter to G20 heads of government to lead by example in driving forward measures to phase out fossil fuels. The letter highlights the need for global leaders to deliver ambitious and investible national climate plans (NDC) and reach a credible, robust finance goal at the ongoing COP29 in Baku, Azerbaijan.
For media interviews/briefings with WMBC international policy lead Gillian Nelson, please contact [email protected] +44 7432533080