Baku, Azerbaijan. The 2024 UN Climate Change Conference will convene in November 2024 in Baku. World leaders gather for COP29 in Baku next month and the stakes could not be higher. Climate change is no longer an abstract issue confined to future projections - it is hitting home now.
While the science is clear, and the path forward has been widely recognised, meaningful action has lagged behind. At COP28, governments from around the world committed to a series of vital steps aimed at keeping the 1.5C global warming limit within reach. These commitments include transitioning away from fossil fuels, tripling renewable energy capacity, and doubling energy efficiency by 2030.
But it’s not just about having the right targets – without the right financial and regulatory frameworks, the private sector will continue to struggle to invest at the scale needed in developing countries. Public finance is needed to de-risk private investments and create enabling environments for the private sector to scale up its involvement.
Mitigation finance, which supports the reduction of greenhouse gas emissions, is directly tied to business interests. Adequate flows of finance for mitigation can help expand renewable energy access, improve grid infrastructure, and enhance energy efficiency in developing countries. These improvements would lower operational costs and help businesses meet their own climate commitments.