COP 29: Spotlighting the U.S. Private Sector’s Role in Climate Action

COP 29: Spotlighting the U.S. Private Sector’s Role in Climate Action

The 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29) convened in Baku, Azerbaijan, from November 11–22, 2024. Nicknamed the “Finance COP,” it focused on increasing investments in climate solutions and climate justice. Representatives from nearly 200 countries engaged in critical negotiations, which resulted in outcomes including:

• Triple finance to developing countries, from the previous goal of USD 100 billion annually, to USD 300 billion annually by 2035.
• Secure efforts of all actors to work together to scale up finance to developing countries, from public and private sources, to the amount of USD 1.3 trillion per year by 2035.
• An agreement on carbon markets that will help countries deliver their climate plans more quickly and cheaply, and make faster progress in halving global emissions this decade, as required by science.

While COP29 achieved substantial progress, much work remains. The private sector, a proven driver of innovation and investment, will be critical to sustaining momentum and delivering results.

Sustainable finance in the U.S.

As stewards of capital, businesses have both the resources and expertise to accelerate the transition to low-carbon economies.

investing in climate resilience can make financial sense. Research shows that every dollar invested in climate resilience can save up to seven dollars in disaster relief, underscoring the economic advantages of prioritizing climate action.

UN Global Compact Network USA’s panel at COP 29, "Driving Progress: Sustainable Finance for the Advancement of the Global Climate Agenda," explored the impact of this aspect. Our speakers shared several examples of multi-dimensional approaches to sustainable finance, including:

• Non-finance companies investing in zero-emissions vehicles for cross-cutting impact on the SDGs,
• A bold decision to mobilize and deploy capital in support of a zero-emission goal, including the creation of a $1 trillion commitment to sustainable financing and
• Data-driven insights that can help companies understand the opportunities in climate action.

Gayle Schueller, Ph. D. of 3M, moderated the panel, which featured insight from Bridget Fawcett of Citi, Chris Perceval of S&P Global, and Haydee Nunez of International Motors.

Building bridges between sectors

The UN Global Compact Network USA is positioned as a key convener and bridge builder, bringing all voices and experts to the table. This is more important than ever, as solving the climate crisis requires unprecedented communication and cooperation across sectors and industries.

For the second year in a row at COP, we were honored to host senior leaders from multinational corporations and the U.S. government at our U.S. Climate Leaders Salon Dinner. These gatherings aim to amplify the United States' role in leading transformative solutions by connecting organizations committed to climate action.

By connecting key members of both the public and private sectors, we aim to amplify the United States’ role in leading transformative solutions.

A Call to Action

The outcomes of COP29 reaffirm the need for collective action across the public and private sectors. Contact us for more information on how the UN Global Compact Network USA is helping businesses take meaningful steps toward climate action. Together, we can drive progress and build a sustainable future.