On behalf of the global business community, ICC addressed the high-level segment of COP29 calling on governments to deliver an ambitious and comprehensive New Collective Quantified Goal on Climate Finance to bridge the growing climate finance gap.
The full statement was delivered by Andrew Wilson, ICC Deputy Secretary General – Policy, on 20 November 2024.
Your excellencies,
Ladies and gentlemen.
My simple message today – on behalf of the global business community — is this:
COP29 must – above all – deliver an ambitious and comprehensive New Collective Quantified Goal on Climate Finance.
A goal that is true to the intent of the historic “UAE Consensus”…
A goal capable of bridging the growing climate finance gap in the developing world.
And a goal that gives all countries the confidence and impetus to submit significantly upgraded national climate action plans by 2025.
That new goal must – without doubt – incorporate a strong public finance commitment at its core…
Including the provision of additional grant and concessional finance for the most vulnerable from all countries with the financial resources to do so.
But, from a business perspective, we also see a clear need – and opportunity – for the New Collective Quantified Goal on Climate Finance to play a catalytic role in unlocking the trillions in private finance that will be needed to secure a low-carbon and resilient future.
By establishing an unequivocal political commitment to address prevailing barriers to the deployment of climate finance from private sources…
Not least the (unintended) impact of macroprudential regulation on the ability of the private sector to finance essential climate mitigation and adaptation projects in developing economies.
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Excellencies, we urge you to ensure that this COP delivers a New Collective Quantified Goal on Climate Finance that is truly capable of mobilising the large scale investments needed to put the fine words of the UAE Consensus into action.
Delaying, deferring or delivering the bare minimum on climate finance in Baku is – quite simply – not an option from a business perspective.
As new research published by the International Chamber of Commerce shows, climate-related extreme weather events cost the global economy US$2 trillion over the past decade…
Directly impacting 1.6 billion people and millions of businesses across the world.
To put this another way, climate change is a today problem…
And the costs of inaction are already being felt – and felt acutely – across the real economy.
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Excellencies, this Conference started with a bang…
With the endorsement of new (and very welcome) rules for international emissions trading under Article 6.4 of the Paris Agreement.
We call on all Parties to the Convention to show the necessary flexibility, goodwill and commitment to ensure that it does not end with a whimper.
Delivering a comprehensive New Collective Quantified Goal on Climate Finance would be an extraordinary achievement for multilateral negotiation.
And it is within your grasp.
Please seize this opportunity to make the promise of ambitious climate action a reality.
And, in doing so, give us all hope for the future.
Thank you.
