On November 6, 2024, business leaders, ambassadors, and experts gathered for crucial discussions ahead of COP29. Hosted by the UK government, the event brought together representatives from the COP Troika governments of the United Arab Emirates, Azerbaijan, and Brazil. The goal was clear: to set the stage for stronger climate action ahead of COP29 in Baku, Azerbaijan.
The meeting was organised into three key roundtables:
- Mobilising Finance for a Green Energy Transition
- Building the Business Case for Adaptation and Resilience
- Plastic Pollution Treaty Roundtable
Each meeting focused on different aspects of the climate challenge. They aimed to build support for the UK’s ambitious climate agenda and drive forward global efforts to tackle climate change.
Mobilising Finance for a Green Energy Transition
The first roundtable, led by Energy Secretary Ed Miliband, focused on how to scale up clean energy investments in Emerging Markets and Developing Economies (EMDE). Key participants included Fatih Birol, Executive Director of the IEA, and Azerbaijan’s Finance Minister Samir Sharifov. They agreed that accelerating renewable energy deployment and improving energy efficiency is essential to meeting global climate goals. This includes limiting global temperature rises to 1.5°C, as set out in the Paris Agreement.
Building the Business Case for Adaptation and Resilience
In the second roundtable, Development Minister Anneliese Dodds led a discussion on the urgent need for more funding for climate adaptation. Participants highlighted the large gap between funding for adaptation and mitigation efforts. They agreed that to tackle climate risks, investments must include resilience and adaptation measures. Public-private partnerships were identified as a critical factor in bridging this gap.
Our discussion sets the scene for COP29’s climate finance focus and builds confidence that together we can meet the scale of the challenge.
– Development Minister Anneliese Dodds
Plastic Pollution Treaty Roundtable
The final roundtable, led by Environment Secretary Steve Reed, focused on the global plastic pollution crisis. Participants, including leaders from major businesses and financial institutions, emphasised the need for a legally binding plastic pollution treaty. They agreed that the treaty, which will be negotiated in Busan later this month, should aim to end plastic pollution by 2040. This discussion resulted in a signed statement outlining the key elements that the treaty must include.
The Need For Action at COP29
Climate change is already causing severe impacts. From Brazil’s Amazon droughts to the flooding in Bangladesh, the world is facing rising risks. Tackling climate change is not only vital for environmental protection but also for energy security, economic growth, and safeguarding future generations.
The UK’s Role at COP29
At COP29, the UK will play a leading role in securing new financial commitments. This includes unlocking funding from the private sector to scale up climate action in developing countries and help mitigate the effects of climate change.
