Baku, Azerbaijan, Nov. 13, 2024 (GLOBE NEWSWIRE) -- The UN Global Compact, in partnership with the UN Environment Programme (UNEP) and UN Climate Change (UNFCCC), hosted the 12th Annual High-Level Meeting of the Caring for Climate initiative at COP29 in Baku today. The event brought together senior leaders from business, finance, government, civil society and the United Nations to focus on advancing climate finance commitments to meet the urgency of the global climate agenda.

The event addressed COP29’s theme as the "Finance COP," underscoring the need to mobilize and align private and public finance to support ambitious climate goals. Participants discussed strategies to accelerate investments that align with Nationally Determined Contributions (NDCs) under the Paris Agreement, and explored ways to convert these national pledges into comprehensive investment roadmaps for climate adaptation, mitigation and resilience.

Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, highlighted the private sector's pivotal role in the climate finance landscape. Ojiambo stated, “Mobilizing both public and private finance is essential to achieving our climate goals. By bringing together business leaders, governments, and civil society, we are transforming national climate commitments into practical investments that will drive sustainable development and safeguard our future.”

Discussions at the High-Level Meeting focused on several key themes:

• Transforming NDCs into Actionable Plans: Leaders discussed the urgent need for scalable public-private partnerships that can mobilize the trillions of dollars required to finance the transition to low-carbon economies. The meeting explored methods to streamline investment processes and integrate climate risk considerations into financial decision-making.
• Unlocking Private Sector Potential: Participants highlighted the role of private finance in bridging funding gaps, particularly for climate adaptation projects in vulnerable regions. Attendees identified pathways for private investors to contribute meaningfully to national climate objectives, including through innovative financing models, blended finance, and policy alignment.
• Supporting Developing Nations: The meeting underscored the importance of channeling finance to developing countries, ensuring that climate action is inclusive and equitable. Discussions focused on scaling finance solutions that can support adaptation in the most climate-affected regions, with the aim of building resilience and sustainable growth.

The Caring for Climate High-Level Meeting has become a central forum for private sector engagement at the UN Climate Change Conferences since its launch in 2007. Each year, it provides an exclusive platform for dialogue where business leaders share insights, commit to action and influence policy on climate-related issues. This year’s session marked a critical moment to reaffirm global commitments in support of the UN Secretary-General’s climate priorities and set a vision for finance that drives tangible results.

The UN Global Compact has also been collaborating with the NDC Partnership and with the UN System under the Climate Promise 2025, engaging in dialogues with various Member States to promote meaningful private sector involvement in the NDC process, leveraging business innovation and investment for impactful climate action. Launched in 2019, the Climate Promise is currently the largest global initiative supporting NDCs, engaging more than 120 countries. It addresses critical areas such as emissions reduction, adaptation strategies, financing, and policy alignment to help countries meet their climate goals.

Notes to Editors

About the UN Global Compact

The ambition of the UN Global Compact is to accelerate and scale the global collective impact of business by upholding the Ten Principles and delivering the SDGs through accountable companies and ecosystems that enable change. With more than 20,000 participating companies, 5 Regional Hubs, 62 Country Networks covering 78 countries and 14 Country Managers establishing Networks in 20 other countries, the UN Global Compact is the world’s largest corporate sustainability initiative — one Global Compact uniting business for a better world.