Britain champions bold climate finance goals at key pre-COP29 talks

Ahead of the COP29 climate conference starting on November 11, the UK government organized a series of discussions this week, bringing together representatives from the "troika" of COP chairs — the United Arab Emirates, Azerbaijan, and Brazil — along with ambassadors, business leaders, and industry experts.

These talks were designed to foster global cooperation and set the stage for critical climate discussions in Baku.

According to a press release from the British government, British ministers — including Energy Minister Ed Miliband, Development Minister Anneliese Dodds, and Environment Minister Steve Reed — chaired the meetings, Caliber.Az reports citing local media.

The focus was on three central issues: financing the transition to renewable energy, accelerating investments in climate resilience projects, and advancing a global treaty to combat plastic pollution.

The discussions were held in the lead-up to COP29, where the UK plans to play a prominent role in securing a new and expanded financial target. This target aims to leverage more funds from the private sector and financial institutions to support climate action in developing countries, as well as to help mitigate the effects of climate change globally.

The urgency of addressing climate change was underscored by the ongoing impacts seen in various parts of the world. In Brazil, the Amazon region is facing some of the worst droughts in recorded history, while Bangladesh is grappling with increasingly severe floods and storms. Rising sea levels continue to pose a significant risk to low-lying regions. Tackling climate change is not only crucial for the protection of vulnerable populations but also vital for ensuring energy security, economic growth, and the safeguarding of future generations.

Each of the three roundtables aimed to align participants with the UK government’s climate priorities, helping to lay the groundwork for meaningful negotiations at COP29 in Baku. One of these discussions, led by Energy Minister Ed Miliband, focused on mobilizing finance for the green energy transition. Among the attendees were IEA Executive Director Fatih Birol, Azerbaijani Finance Minister Samir Sharifov, and World Economic Forum President Borge Brende.

Participants in the roundtable agreed that increased investments in clean energy in emerging markets and developing economies are crucial for achieving globally agreed climate targets. These include tripling renewable energy capacity and doubling energy efficiency by 2030, both of which are necessary to limit global temperature rise to 1.5°C, as outlined in the Paris Agreement. Miliband emphasized, "Next week at COP29, we will work with other countries to increase ambition to tackle the climate crisis, as it is time for decisive action."

Another roundtable, led by Development Minister Anneliese Dodds, focused on making the business case for climate adaptation and resilience. During the discussion, participants recognized the significant gap in funding for climate adaptation compared to mitigation efforts. There was a shared understanding of the need to factor climate risks into investment decisions. Dodds pointed to the urgent need for additional measures to build resilience, saying, "We need to build a global economy and infrastructure that can withstand the increasingly devastating impacts of the climate crisis. This will require the attention of the entire global financial system to unlock private finance and reach the $387 billion needed."

Dodds further stated, "Our discussion lays the foundation for COP29’s focus on climate finance and builds confidence that together we can tackle the scale of the challenge."

In the final roundtable, chaired by Environment Minister Steve Reed, leaders from business, trade, and financial institutions discussed the importance of a legally binding treaty to end plastic pollution. This treaty is to be negotiated at the UN talks in Busan later this month. The participants in this session signed a statement calling for an end to plastic pollution by 2040, showing strong support for global action on this issue.

By Tamilla Hasanova