Izabella Brooks, Associate in our Corporate & Commercial department, discusses the outcomes of COP29 and highlights how the new commitments offer opportunities for investors and businesses to benefit from financial returns and meaningful impact.
A Greater Focus on Climate Finance
Innovative climate finance initiatives took centre stage at the most recent UN Climate Change Conference, COP29. Billed as 'The Finance COP', COP29 aims to deliver at least US$300 billion in climate finance annually. UN Climate Change Executive Secretary Simon Stiell referred to the new finance goals as an insurance policy for humanity.
Stiell said the climate finance deal will "keep the clean energy boom growing and protect billions of lives". He added: "It will help all countries to share in the huge benefits of bold climate action: more jobs, stronger growth, cheaper and cleaner energy for all. But like any insurance policy – it only works – if the premiums are paid in full, and on time." COP29 reflected a clear understanding that both governmental financial commitments and private investment flows are key to tackling climate change.
COP29 took place in Baku, Azerbaijan in November 2024 – the same month that Donald Trump was re-elected as US president. Having withdrawn the US from the Paris Climate Agreement in 2020, Trump again withdrew from the accord in January 2025, soon after coming into office. Yet despite the lack of US involvement over the next four years, many expect that the COP29 will succeed in its aim of increasing climate-supportive investment..
Read the full article: A Greater Focus on Climate Finance (ESG Investor)
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