Global insights
What if we saw the climate challenge differently?
Climate change will be the defining test of our time. It could also be the opportunity of a lifetime. Across every sector, businesses are already finding new ways to innovate, invest and transform industries. With the right global policy support, businesses can continue to leverage their entrepreneurialism, innovation and capital to scale up even greater solutions to deliver the goals of the Paris Agreement.
Climate change isn’t coming. It’s a reality now.
In the past decade, extreme weather has cost the global economy over US$2 trillion – threatening lives, livelihoods and the stability of business and economies everywhere. The scale of the challenge is significant. Entire industries, supply chains and energy systems will require major investment, bold innovation and real collaboration.
But the smartest companies aren’t waiting. They’re leading the change. Turning risk into resilience and challenge into growth. Driving innovation, creating jobs, safeguarding the economy and the environment.
Now could be the opportunity of a lifetime for business to deliver for the climate but we can’t act alone.
As the official voice of business at the United Nations Climate Change Conference and the UN Framework Convention on Climate Change (UNFCCC), the International Chamber of Commerce is committed to working with all parties, from government to academia, to ensure businesses can seize the opportunity and help to deliver on the US$1.3 trillion climate finance goal agreed at COP29.
Representing over 45 million businesses in over 170 countries, and committed to the goals of the Paris Agreement, we are mobilising thousands of businesses and chambers of commerce who understand that climate action isn’t just the right thing to do, it’s the smart thing to do.
The greatest challenge of our time is a chance to create the opportunity of a lifetime.
Policy recommendations:
Making the opportunity happen
Business has the innovation, capital and drive to help deliver the US$1.3 trillion climate finance goal agreed at COP29. But unlocking investment at scale requires an enabling policy environment. In other words, governments need to reduce barriers and create incentives that give business the clarity and confidence to act.
The decisions we make until 2030 will determine all of our futures. Now is the moment for global leaders to look forward, not back: to help ensure the clean transition is a business opportunity not a business barrier. To unlock a new era of low-carbon technologies, innovation and investment that will deliver a more stable, secure and equitable future.
These are the policy actions that our members and the business community are calling for.
Provide clarity, certainty and transparency around NDCs to enable businesses to accelerate targets and investment
Nationally determined contribution (NDCs) are critical to provide the certainty and clarity businesses need to accelerate their net-zero targets and investment. But businesses can only support NDCs if these goals and plans are clear, transparent and actionable.
To plan effectively, businesses need detailed information beyond mere mitigation targets. That means greater clarity on planned legislation, regulation, use of mitigation policies (such as carbon pricing), financial measures and planned investments. Governments must also demonstrate how they intend to couple legislation with employment and social planning to ensure a just transition of the workforce and the creation of decent green jobs.
Introduce targeted adjustments in key financial regulations to quadruple international climate finance going to emerging markets.
Emerging and developing economies receive just 14% of international climate finance, yet need an additional US$450 to US$550 billion a year to stay on a net-zero path.
Under the current macroprudential framework, such as Basel III, banks are disincentivised from financing climate projects in emerging and developing markets.
Targeted adjustments – such as better recognition of development bank guarantees and other risk mitigation tools – could quadruple the bank capital available for climate projects in emerging markets without compromising global financial stability.
Remove barriers preventing the scaling of private sector adaptation investment from closing the global adaptation funding gap.
Climate-related events are intensifying, making adaptation critical for resilience. Yet, global efforts remain fragmented and underfunded – especially in developing countries, where vulnerability is highest and financial capacity is lowest.
Scaling private capital for adaptation requires targeted reforms in three areas: data collection (ensuring access to high-quality, open climate risk data, enabling better risk assessments and adaptation planning); governance (supporting better engagement of business in domestic climate/adaptation planning); and finance (creating financial incentives for adaptation and spaces/sandboxes for testing promising solutions, i.e. insurance-linked instruments, blended finance tools for adaption).
End the patchwork of global climate-trade policies and ensure measures support, rather than undermine, equitable trade in sustainable goods and services.
Climate and trade policies are becoming increasingly interconnected and misaligned. Trade-related climate measures, particularly carbon border levies (also known as CBAMs or BCAs), risk disproportionately disadvantaging developing countries and creating barriers to market access.
Trade-related environmental measures should enhance, not restrict, markets for sustainable goods and services. The current patchwork of conflicting global rules needs to end. Climate and trade ministers must come together and create new principles to ensure trade and climate policies are better aligned and mutually reinforcing.
The opportunity is here.
Businesses are already delivering.
Transitioning to a low carbon economy isn’t a pipe dream. Across every sector, businesses are innovating, investing and leveraging emerging opportunities – creating value for business, economies and the planet. Early movers aren’t just keeping up – they’re gaining a competitive edge in this new economy. For them, a clean transition is a strategic investment in growth, innovation, talent and long-term resilience. Are you making the most of the opportunity yet?
The wind power opportunity
A 15-fold increase in off-shore capacity and around US$1 trillion of cumulative investment by 2040.
The low-carbon cement opportunity
A potential US$100 billion decarbonisation segment in the global cement market.
The biofertiliser opportunity
Biofertilisers predicted to displace up to US$150 billion in synthetic fertilizer demand by 2035.
The carbon removal opportunity
The global carbon removal market is projected to reach US$100 billion annually by 2030–2035.
The green steel opportunity
A projected growth in green steel from US$3.75 billion in 2024 to US$129.08 billion by 2032.
The circular opportunity
Transitioning to a circular economy could unlock US$4.5 trillion in economic benefits by 2030.
Publications and insights
The International Chamber of Commerce explores key climate and sustainability policy challenges – from scaling private finance in emerging markets to accelerating circular economy solutions. This includes commissioning in-depth analysis from leading organisations, offering data-driven insights for policymakers and business leaders.
June 2025
Barriers aren’t just slowing finance – they’re inhibiting it
Targeted clarifications and reforms to the Basel Framework could unlock significant volumes of private investment in high-impact, climate-aligned projects in emerging markets and developing economies, while ensuring the continued soundness of the global financial system.
[Forthcoming] Enhancing climate finance in emerging markets and developing economies through prudential regulatory clarification and reform
Paper
12 November 2024
Climate finance isn’t just
a pledge – it’s a pathway
Private finance already delivers nearly half of all climate investment but won’t grow without a bold shift in global frameworks. A robust New Collective Quantified Goal on Climate Finance (NCQG) could unlock trillions more to align finance with climate goals.
Brief
11 November 2024
Climate isn’t just changing – it’s charging
Extreme weather events have cost the global economy more than US$2 trillion over the past decade alone. This ICC-commissioned analysis by Oxera reveals that 1.6 billion people are bearing the cost, with the US, China, India and Japan ranking highest in terms of economic costs in absolute terms.
Report
9 October 2024
Circularity isn’t just a buzzword – it’s a blueprint
Key barriers hinder corporate adoption of circular business models. ICC and EY provide concrete pathways for policymakers and businesses to overcome barriers and accelerate the huge circular economy opportunity.
Report
15 November 2024
Carbon pricing isn’t just
a policy – it brings potential
Carbon pricing is a critical tool for cutting emissions, but inconsistent rules risk undermining its impact. ICC urges policymakers to align carbon pricing systems, tackle carbon leakage, and unlock the potential of cross-border cooperation under the Paris Agreement.
Proposal
21 October 2024
Climate can’t just be ambition – it needs an engine
Climate action must move from consensus to delivery. In a letter to ministers ahead of COP29, ICC urged governments to secure an ambitious climate finance goal that unlocks private capital and the full operationalisation of Article 6 to accelerate international carbon markets.
Statement
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