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The stakes are once again high at the UN climate change conference COP29 happening in a year of record-breaking temperatures. Our eyes set on this year’s renewed focus on financing climate action, the International Chamber of Commerce (ICC) highlights key elements for establishing an ambitious, actionable and comprehensive New Collective Quantified Goal (NCQG) on climate finance.
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At COP29 held in Baku from 11 to 22 November 2024, countries will renegotiate the amount and type of finance provided for climate action in developing countries. It will be the first time in 15 years since the $100 billion annual target was set in 2009.
Parties are committed to finalise negotiations on a New Collective Quantified Goal on climate finance that serves as a real catalyst to mobilise private sector investment for climate action, in particular in developing and emerging economies.
Investing in climate action means investing in our future.
As the voice of the real economy in the UNFCCC process, ICC emphasises the need for an ambitious, actionable and comprehensive New Collective Quantified Goal that
- delivers on a strong and central public finance commitment and
- sets an actionable roadmap to align the global financial system with the goals of the Paris Agreement.
How can we deliver on climate finance?
ICC highlights elements needed for an outcome that speaks to the private sector and effectively delivers on its promises:
Align financial stability regulation with global climate goals to facilitate the flow of climate finance into developing markets. An evaluation of the impact of current global macroprudential rules on climate flows in developing economies is crucial.
Position multilateral developing banks as genuine catalysts of private finance by transforming their investment strategies to mobilise a greater amount of private investment.
Create robust domestic investment environments that attract and retain private capital in climate-related projects. This calls for clear and coherent policy ecosystems that provide private investors with the confidence they need.
A new climate finance goal is neither symbolic nor optional but necessary.
