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.
- 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.
