COP29: Time to Deliver
World leaders made a historic commitment to a clean energy future at COP28. At COP29 in Baku, it was time for them to deliver global finance to drive ambitious, investible and equitable national climate plans that will drive private sector action and unlock investment.
Governments can accelerate the shift from fossil fuels to a clean energy future, we called for a COP29 outcome that:
- Encourages governments to develop ambitious and investible nationally determined contributions (NDCs) and implementation policies aligned with 1.5°C
- Sets a new robust goal for global public financial flows that helps to unlock scaled-up private finance and investment, particularly in low- and middle-income countries
COP29: Time to Deliver
What governments must do at COP29
Business calls on G20 to secure a strong outcome at COP29
At the G20 Summit in Rio de Janeiro, Heads of State have an opportunity to galvanize policy negotiations at COP29 in Baku. In a new statement coordinated by We Mean Business Coalition and Mission 2025, networks connecting more than 38,000 businesses around the world deliver a powerful message to G20 leaders.
Business calls on G20 to secure a strong outcome at COP29
Ambitious and investible NDCs
The national climate targets and plans for 2035 (NDCs) that governments have agreed to communicate by early 2025 can be the blueprint for a clean energy future and a liveable planet.
Hundreds of companies are urging governments to address the primary cause of climate change: burning fossil fuels. They are looking for clear signals that governments will deliver on the historic commitment at COP28 to accelerate a just transition from fossil fuels to clean energy solutions.
The COP29 outcome needed to build on the progress of the UAE consensus and signal that NDCs should be both ambitious and investible, so that they unlock the essential private sector investment needed to deliver the transition from fossil to clean.
Ambitious and investible NDCs
Being investible means:
- Sector-specific targets, such as to increase clean energy and energy efficiency, phase out unabated fossil fuels, and halt and reverse deforestation, in light of COP28 agreements
- A clear commitment to translate targets into concrete policies and regulations that drive investment.
Being investible means:
Public finance that unlocks private investment and builds resilience
Ambition becomes action when backed with money. Targeted public finance will unlock private investment, particularly in low- and middle- income countries, for a truly global transition.
COP29 needed to deliver a robust new collective quantified goal (NCQG) on climate finance that includes adequate flows of cash both to cut emissions and build resilience to climate impacts. This was of immense importance for lower-income countries, giving them confidence that money will be available to implement their NDCs, and for building trust between countries.
The NCQG should be designed to catalyze and scale up flows of private finance for climate action in low- and middle-income countries as efficiently and effectively as possible. A robust agreement on climate finance at COP29, combined with ambitious and investible NDCs, can help to improve the enabling environments in these countries and drive greater private sector investments by de-risking projects in the fossil to clean transition.
International businesses are increasingly at risk due to climate impacts on supply chains. From harvests and production to logistics, the impacts of more frequent and serious weather events such as hurricanes, severe flooding and extreme heat mean greater costs for business and consumers. Governments can build resilience across supply chains globally with an agreement that provides adequate support for adaptation measures, and directly supports the small and medium-sized enterprises who are often more vulnerable.
The need for greater coherence between the climate and biodiversity agendas is clear. See our insights on the key learnings from CBD COP16 that must shape the conversations on finance and national policies at COP29 and beyond.
Public finance that unlocks private investment and builds resilience
Time to deliver:
- 80% of people globally want their governments to take stronger climate action. Clear majorities across the world support their countries moving from fossil fuels to clean energy as quickly as possible (72%).
- 260 businesses representing > $1.6 trillion are urging governments to phase out fossil fuels.
- Voters asked in countries responsible for 16% of global GHG say investments in clean energy should be among top priorities for their governments.
Time to deliver:
