Countdown to COP29 – raising ambition for the finance COP
Looking ahead to COP29, its focus cannot be understated. How do we invest in a liveable planet for all? The Climate Action Innovation Zone places mobilising sustainable finance through leveraging private sector investments as one of its key thematic priorities across its flagship forums, taking place 13-15 November. Across the three days, leaders from across the private and public spheres will come together to discuss the monumental task of ramping up climate finance. Speakers will include Sabine Mauderer, First Deputy Governor of the Deutsche Bundesbank; Andrew Steer, CEO of the Bezos Earth Fund; and Avinash Persaud, Special Advisor to the Inter-American Development Bank, as well as executives from the International Finance Corporation, World Bank Global Infrastructure Facility and the International Organisation of Securities Commissions.
Baku’s ‘finance COP’ will see almost 200 countries discuss a new global financial target to support developing countries suffering the effects of climate change. At Paris’ COP21 in 2015, Parties decided that a New Collective Quantified Goal (NCQG) on climate finance shall be set prior to 2025, from a floor of USD 100 billion per year, taking into account the needs and priorities of developing countries. On 9 October, the High-level Ministerial Dialogue on the NCQG took place in Azerbaijan’s capital, where, amongst other questions, Ministers explored how it can be structured to inspire the highest-level ambition and vision for climate action.
Setting this new financial target, and ensuring it is structured to effectively provide and deploy investment flows, will be critical to meeting global climate targets set by the Paris Agreement. The Nationally Determined Contributions (NDCs) set out each country’s plan for reducing greenhouse gas emissions and adapt to the impacts of climate change. For the last round of NDCs submitted, without the conditional elements – measures implemented by developing countries in return for external financing – emissions are projected to increase by 1.4%, highlighting the urgency of plugging this finance gap.
Further, tripling renewable power capacity and doubling of energy efficiency by 2030 are critical enablers for keeping the 1.5°C goal within reach. Delivering on the UAE Consensus: Tracking progress toward tripling renewable energy capacity and doubling energy efficiency by 2030 was released by the International Renewable Energy Agency (IRENA) in partnership with COP28, COP29, COP30 host Brazil and the Global Renewables Alliance on 11 October at Pre-COP. The report finds that annual investment in renewable capacity would have to triple, from a new record high of $570bn in 2023 to $1.5tn every year between 2024 and 2030.
Today (14 October), the Accelerated Partnership for Renewables in Africa (APRA) Investment Forum officially began in Nairobi, convening ministers, investors, developers, and financial institutions to foster open dialogue, further the development of a robust project pipeline and mobilise large-scale investments to accelerate the energy transition and support the development of green industries within APRA countries.
Under Kenya’s leadership, the forum marks a significant milestone in implementing the Nairobi Declaration, and the Call for Action to boost the continent's renewable capacity to 300 GW by 2030, contributing to the COP28 goal to triple global renewable power by the end of the decade.
IRENA Director-General Mr. Francesco La Camera said “The success of global climate objectives is intrinsically linked to Africa realising its vast renewable energy potential. APRA sets a new benchmark for international cooperation, ensuring that support from the Global North for Africa’s energy transition fully complements the continent’s own priorities. The partnership’s inaugural investment forum in Nairobi marks a milestone in this alignment, uniting key stakeholders to mobilise finance and turn priorities into tangible outcomes.”
The Climate Action Innovation Zone will complement the vital discussions in the Blue and Green Zones concerning the mobilisation of the trillions of dollars necessary for countries to drastically reduce greenhouse gas emissions and protect lives and livelihoods from the worsening effects of climate change.
Taking place November 13-14, the Sustainable Innovation Forum will focus on financing sustainable innovation. By reimagining financial systems, sustainable practices can be incentivised and ensure that capital is directed toward a resilient, adaptable, and equitable future.
On November 15, the Agri-Food Systems Summit will address financing climate action within agriculture and food systems, exploring innovative solutions to bridge existing gaps. That same day, the Hydrogen Transition Summit will investigate financial structures to support the deployment of green hydrogen technology.
To see the full agendas please visit:
Agenda | Sustainable Innovation Forum | COP29 (climateaction.org)
Agenda | Agri-Food Systems Summit | COP29 (climateaction.org)
Agenda | Hydrogen Transition Summit | COP 29 (climateaction.org)
You can register for the Climate Action Innovation Zone here.
