We Mean Business Coalition statement on the COP29 outcomes
We Mean Business Coalition
Andrew Prag, Managing Director, Policy, We Mean Business Coalition, said:
“The finance deal agreed in Baku tonight is not enough, but it provides something to build upon. The $300bn figure falls far short of what is needed by developing countries. But one clear lesson from Baku is the vital importance of multilateralism to make progress on this truly global issue. We must work hard together to uplift and strengthen these spaces for multilateral cooperation to ensure they cannot be held to ransom based on the positions of one or two individual countries. Additionally, business and governments need to develop new and innovative ways of working together in support of a global transition from fossil fuels to clean solutions, recognising the urgency of the situation we are in. To meet the scale of the climate crisis, governments must now leave Baku determined to collaborate with business to accelerate action and deliver robust, implementable national plans that drive investment towards clean energy economies.”
The “Baku to Belém Roadmap” is an important development and can signal how public finance will be scaled up to support mitigation and build resilience in developing countries. The Baku outcome means that the expectation for mobilising private sector finance and investment is greater than ever. The private sector is ready to invest in the energy transition globally, but this requires improving investment conditions in developing countries by strengthening domestic policies and effectively deploying public climate finance to reduce risk premiums. The We Mean Business Coalition and our business partners are looking forward to working with Brazil to meet this moment in 2025.”
Fossil fuels and NDCs
“By leaving out specific language on transitioning away from fossil fuels, the deal agreed in Baku missed an opportunity for leadership. Nevertheless, the momentum of the clean energy transition is now unstoppable, and the fossil fuel era is nearing its end.
“There is clear momentum for countries developing new Nationally Determined Contributions (NDCs) centred on clean energy transitions and protecting and restoring nature. The leadership on NDCs displayed by the UK and Brazil must galvanise other nations to finalise 1.5°C-aligned commitments by early 2025, with plans for rapid implementation. These national climate plans offer countries a chance to indicate their direction of travel, delivering a strong message to investors and businesses – and further mobilising private sector investment.“Businesses operating globally understand climate risks —such as extreme weather events, shifting supply chains, and rising insurance costs—are business risks. Most of the world’s largest companies are committed to investing in clean technologies and solutions because it makes business sense. The global market for key clean technologies is set to triple to over $2 trillion by 2035, close to the value of today’s crude oil market. Governments, like companies, are looking at ways to replace fossil fuels with clean energy, because they outcompete fossil fuels.”
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