Post-COP29: Need for Accelerated Climate Transition is More Crucial Than Ever
3 December 2024
AIGCC's summary of the key developments in the 2024 conference of parties to the Paris Agreement on Climate Change.
One of the clear signals from COP29 is that there is an urgent need to mobilise large pools of capital more easily and quickly to meet the needs of a just and fair climate transition.
Our recent policy brief highlighted Asia as a promising region for climate solution investments.
To fully unlock this potential, governments must strengthen their policy frameworks by:
- Incentivising more climate solutions investments: Creating favourable conditions for climate-friendly projects will attract more capital.
- Mandating climate-related disclosures: This will provide investors with the necessary information to make informed decisions.
- De-risking investments in renewable energy sources: Reducing the risks associated with clean energy investments will boost investor confidence.
- Providing clear transition pathways: Governments that provide clear decarbonisation roadmaps will enable investors to align their portfolios with national goals that aim at building a low-carbon economy.
AIGCC CEO, Rebecca Mikula-Wright, said: “As the impacts of climate change intensify, adaptation will become increasingly critical. At COP29, AIGCC participated in a high-level event on National Adaptation Plans, where we emphasised the importance of these plans in facilitating better understanding of climate risks and enabling stronger collaboration with the private sector. Investors must play a more active role in supporting adaptation efforts, both domestically and internationally. AIGCC and IGCC will continue our unique and focused engagement with regional governments on adaptation and resilience.
“We encourage investors to increase their climate ambition, align their portfolios with net-zero goals, and engage with companies to accelerate decarbonisation efforts.
“Finally, as the deadline approaches for countries to submit their Nationally Determined Contributions (NDCs), we also encourage governments to have ambitious commitments on climate action with strong 1.5-aligned emission targets and timelines for implementation that would provide more clarity to investors on where the opportunities lie.
“AIGCC and IGCC will continue to be a regional Asia Pacific bridge to the UNFCCC processes in the year ahead to highlight what policies are important to enable capital to flow at scale and work with our global peer groups to advocate for policies outlined in the Global Investor Statement. “