John W.H. Denton AO met with COP29 Azerbaijan President Designate Minister Mukhtar Babayev for an exchange on critical path issues and the vital role of business in the COP process
COP29 represents a milestone opportunity to take forward the Dubai breakthroughs, but it must also set the foundation for a system and structure to effectively deliver on it. From a business perspective, it’s time for a serious debate and a global strategy on what needs to change to move from billions to the trillions required to deliver an energy transition, one that works for everyone and everywhere. Countries’ next NDCs can be a critical vehicle in this regard, if they are developed with and for the private sector
But even more importantly, we must bring now two global conversations together…the one about the macroprudential regimes and the one on scaling up climate finance
Greater balance is urgently needed between financial stability and climate objectives
ICC stands ready to support them to achieve a meaningful deal in Baku – with maximum ambition both in the reduction of emissions and delivery of climate finance for the most climate vulnerable
