Previewing COP29 – Expert Industry Insights

This November focus will turn to Baku, Azerbaijan, for the UNFCCC’s Conference of the Parties – COP29. In recent years COP (and not entirely deservedly) has become synonymous with corporate interest, lobbying, and fireside dealings, rather than serious policy negotiation and purposeful activism. This was made more poignant by the fact that host nations for 2022 and 2023 were wealthy countries with strong oil interests.

The ‘circus’ as many call it – officially the ‘Green Zone’ of the COPs and its fringe events, is where the private and third sector delegates congregate for commercial dealings, investment opportunities, seeking new business, and for business intelligence. It’s an important element of COP, as governments alone cannot tackle the climate crisis – private sector engagement, inclusion, and of course capital, is critical.

However, this year, delegate numbers from the private sector are expected to be way down compared to Sharm El-Sheikh and Dubai. Why is this the case?

One reason may be the PR element. With such negative press, perhaps best to leave this one out, could be the thinking of corporate leaders. Or the more likely is that this year, some serious negotiations and crucial policy decisions are expected to be made, and the business world knows this.

In this COP29 briefing blog, we invited a number of industry experts to share their take on happenings in Azerbaijan:

Martin Langeland, Head of Content and Communication at Easee:

The previous COPs have been known to have a certain level of gravity and impact to create positive change, but more recently, the conference, along with the wider movement, seems to have lost its momentum. There is no lack of knowledge and common consensus of what needs to be achieved on a global scale, but a lack of action and tangible results remain. For example, the Paris Agreement was a critical step in the right direction, but deadlines and targets have been constantly changed by participating bodies, which shows a relative lack of accountability and commitment.

We need to make room for regrouping and going back to the drawing board to be more disruptive than we are currently. For example, we at Easee believe that technological advancement is essential in addressing the adversities of climate change, with less of the responsibility put on the consumer. There are some brilliant change-makers and disruptors in the tech space, but they have not been getting the right kind of exposure to bolster their efforts. This is where the government should come in. Governments need to clear the runway by implementing supportive policies that encourage investment in technological innovation.

COP29 should therefore be a platform for governments to recognise the businesses who are capable of making real change, and work in collaboration for meeting climate targets as quickly as possible, especially as solving critical issues like climate change takes time.

Chris Maclean, CEO of TRUE, powered by Open Energy Market:

As the run-up to COP29 unfolds with the usual mix of high hopes and missed targets, I’m reminded of the urgent need for tangible action over diplomatic niceties. We cannot afford to wait for the international community to catch up; the stakes are simply too high.

Business leaders, it’s time we take the reins ourselves. By taking action on Net Zero and Sustainability, we’re not just reducing carbon; we’re building resilient, forward-thinking companies that stand the test of future regulations and consumer expectations. Platforms like True make it possible to monitor, plan, and execute sustainable projects with confidence, ensuring every action aligns with our long-term goals. Let’s prove that sustainability ambition is not only possible but profitable.

Charlie Kingsley, Corporate Sustainability Manager, Suntory Beverage & Food GB&I:

COP is a momentous occasion each year for climate action where all UN member states are brought together with the aim of accelerating global climate action – I look forward to it every year! Over the past 29 years we have seen significant developments in global climate action due to COP, most notably COP21 in Paris in 2015 which saw the introduction of The Paris Agreement. Since then, Suntory Beverage and Food and a plethora of other businesses around the world have set GHG emission reduction targets aligned with either a 1.5°C or well below 2°C target above pre-industrial levels. Last year’s COP in the UAE saw some positive announcements such as The Loss and Damage Fund and all nations agreeing to the “transition away from fossil fuels”. I look forward to this year’s COP in Baku where I would like to see food and agriculture play more of a central role.

Dr Randall Bowen, UK Managing Director at Voltalis:

By the end of 2025, governments will need to revise their ambition levels (called Nationally Determined Contributions) for the coming decade (2030-2040). So, COP29 is an important year to set the stage for these NDC revisions next year, because we are still far from being on track for +1.5°C (currently we’re heading for +2.4C).

For Voltalis, what’s also interesting this year is that we are starting to see the global energy transition pick up speed, thanks to the rapid rise of wind, solar, EVs, energy efficiency and heat pumps. By 2030, the IEA forecasts that half of global electricity production will be low carbon, with 30% of that from wind and solar.

But a key topic now is how to integrate so much new technology into our energy system? In particular, in the electricity sector, we will need to manage rapidly growing amounts of intermittent wind and solar output together with rapidly growing new sources of electricity demand. If we don’t manage to balance supply and demand, electricity will be less affordable and less reliable for consumers. We’ll need to keep gas and coal plants around for longer and the transition could stall.

Conclusion

Of importance this year is that it is the first time in 15 years where developed nations re-evaluate, negotiate, and agree on the next global climate finance target, set at $100bn per year in 2009, now considered far below what is required. Current target figures have now been increased to around $500bn – $1trn per year deployed. This will be transposed into national legislation, so corporates and the finance world will be taking very careful note.

It is also directly preceding the deadline for nations to submit their Nationally Determined Contributions, required every five years, outlining the actions their countries will take to fight climate change and set targets. For developed nations, this gives a very clear signal to business, to investors and to major cities, on what is to come, so they can plan accordingly.

With sustainability and the energy and climate transition now so inextricably intertwined to the private sector and capital flows, this year’s COP, dubbed The Finance COP, is without doubt a significant milestone and opportunity for a major levelling up for business across the board. There is no reason to not be prepared.

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