ICC and UNFCCC Business Group call on climate ministers ahead of COP30 

“Excellencies, Colleagues,

I am pleased to provide some reflections on behalf of the global business community at this critical juncture ahead of COP30 in Belem.

Ten years on, the Paris Agreement stands as a landmark of diplomacy and multilateral collaboration—that remains the cornerstone of our collective efforts.

For business, the Agreement is not only a climate accord—it is an economic and cooperation agreement. It is our best framework to work together to tackle environmental challenges and unlock new opportunities.

It is about innovation, competitiveness, jobs, and prosperity—for everyone and everywhere.

Since Paris, private investments and innovation are accelerating and in many cases surpassing the ambition in national climate plans.

But much more is possible and much more is needed.

What is still missing is the right enabling environment and incentives—that only governments can provide—to reach the ambition and scale of action needed.

That’s why COP30 is so crucial—to unlock the full power of government and business action.

We see four priority areas in this regard:

First, a firm recommitment from government leaders to deliver and implement bold national climate plans, that achieve deep emissions cuts in line with 1.5°C, across all sectors and that are guided by the first global stocktake (GST).

For business, these are not just simple plans—they will determine where and whether we invest.

And they will only succeed if they are co-designed with business. We therefore call on governments to think creatively about new ways for genuine public-private collaboration in country to turn NDC ambition into investment.

Second, on climate finance: expectations on the private sector keep rising, yet too little attention is paid to the barriers holding capital back.

The Baku-to-Belém Finance Roadmap must move beyond aspirations to deliver a clear plan to scale private investments in emerging and developing markets.

That starts, in our view, with rethinking macroprudential rules that currently discourage banks from financing even high-quality climate projects in emerging markets and developing economies. With targeted clarifications to the Basel III framework, we can unlock capital at scale—without compromising financial stability.

Third, adaptation must shift to the centre of our efforts. The private sector has much to contribute but its action remains far below potential. A serious discussion at COP30 on how we can unlock meaningful business action and capital for adaptation is urgently needed if we are serious about delivering on any adaptation and financing goals.

Finally, we cannot overlook the ability of high-integrity carbon markets to mobilise capital and innovation for adaptation and mitigation. On Article 6, we must strengthen both governance and confidence—creating also the conditions for business to engage. Getting the balance right in outstanding guidance—between highest integrity and opportunity—is vital to ensure investment is not crowded out before it starts.

Excellencies, colleagues,

Let this COP30 be a COP of implementation, of action but in particular of cooperation, setting the conditions for real public-private collaboration and real climate solutions for the years to come.

Business stands ready to work with the incoming COP Presidency and all Parties to achieve just that.

Thank you.”