What’s going on here?

Several major financial firms, including BlackRock, Bank of America, and Deutsche Bank, are expected to skip COP29 in Baku later this month. Momentum following the record level 65,000 attendees attendance at COP28 in Dubai last year, is not set to be sustained. Reasons for this include:

  • the US election uncertainty, with a reelection of Donald Trump signifying an exit of the US from the Paris Agreement, 
  • Controversies around Azerbaijan (a petrostate) holding the climate conference, 
  • Fewer networking opportunities than at COP28.

Many firms are waiting for COP30 in Brazil, viewing COP29 as more “technical” and less bu

Graph showing the number of attendees at COP over the years, monumentally peaking at 65,000 attendees at last years COP28
Number of attendees at COP since the first COP (1) in 1995 to the most recent COP (28) in 2023. Source: the Financial Times, via  The United Nations Framework Convention on Climate Change.

What does this mean?

The absence of key financial leaders from COP29 raises concerns about the future of climate finance. Public-private partnerships are crucial in setting up strong financial pathways to support developing nations suffering from climate change impacts. For example, the African Group of Negotiators is seeking $1.3 trillion per year in climate finance from developed countries by 2030.

Without significant financial backing, these nations may struggle to respond to rising sea levels, extreme weather, and resource shortages. While some argue that COP29 is less relevant to businesses, it is still essential for creating financial frameworks that ensure the survival of vulnerable communities.

Why does this matter?

The absence of top financiers at COP29 may signal a deeper issue: the traditional COP format might no longer meet the needs of modern climate action. As climate finance becomes increasingly crucial, particularly for developing countries, the role of businesses in climate summits should be re-evaluated.

Some suggest the focus is shifting towards smaller, more specialised conferences, or perhaps that sustainability leaders, rather than CEOs, should take the lead. This could represent a broader shift in how businesses engage with the climate agenda, requiring more effective, focused collaboration between governments, financial institutions, and civil society to drive real impact.

Be Curious…

  • Keep up to date with events in the US election here, and for polling news follow this link!
  • Follow along with COP29 later this month through the UNFCCC
  • To learn more about the African Group of Negotiators, click here

Feature image by UNFCCC