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ICC urges COP31 to put private investment at the centre of climate finance delivery

13 November 2026

The International Chamber of Commerce (ICC) today called on governments at COP31 to broaden climate finance discussions beyond public funding commitments, with an actionable agenda to scale private investment in clean energy, electrification and climate resilience. Marking Finance and Trade Day, ICC urged governments to prioritise regulatory reform, greater use of catalytic instruments by multilateral development banks and the development of credible carbon markets.

ICC Secretary General John W.H. Denton AO said:

“Developing countries are right to demand delivery on public finance commitments. Honouring those promises is essential to maintaining trust in the UN climate process and supporting countries facing the mounting impact of extreme weather.

“But we cannot allow successive COPs to become locked in the same debate over public funding while leaving major barriers to private investment unresolved. With aid budgets being cut and public finances under growing pressure, we need a truly holistic agenda to unlock capital at scale.

“Governments have more tools at their disposal than their budgets alone. Clear, consistent policies can give businesses the confidence to invest in clean power, grids and electrification. Credible investment plans, faster permitting and predictable market rules can turn climate ambition into projects that lenders are ready to finance.

“Financial regulation must also properly recognise measures that make emerging market investments less risky. Where a development bank guarantee or political risk insurance provides meaningful protection, that should be reflected in the capital banks must hold against a loan. Targeted clarification of prevailing financial stability rules could help unlock lending for clean energy and infrastructure in developing economies while preserving financial stability.

“We also need multilateral development banks to deploy guarantees, risk sharing instruments and blended finance on a much greater scale. Their success should be measured by the investment they enable — not simply by the financing they provide directly.

“High-integrity carbon markets are another essential part of this agenda. Clear rules, reliable accounting and legal certainty — including under Article 6 of the Paris Agreement — can create revenue streams that help climate projects secure financing.

“Public finance will remain indispensable, particularly for adaptation and the most vulnerable countries. But mobilizing private capital at scale must complement government commitments to expand the resources available to developing economies.

“Governments must leave Antalya with a practical plan to remove the barriers holding back investment in climate solutions. Without that, we risk another year of delayed projects, unmet commitments and deepening recriminations over broken promises.”