Initial ICC reaction to COP29 outcome

Speaking on behalf of business in over 170 countries in an initial reaction to the COP29 outcome, Secretary General of the International Chamber of Commerce, John Denton, said:

"The deal reached in Baku is far from perfect but represents, nevertheless, an important step towards mobilising the investments needed to decarbonise the global economy and build resilience to a changing climate.

"From a business perspective there is no time to lose in putting this agreement into action. The analysis we published on the opening day of the conference shows that extreme weather events cost the global economy $2 trillion over the past decade - acutely impacting more than 1.6 billion people. There is, simply put, a major price tag associated with any delay in taking decisive action to combat climate change.

"We estimate that around two thirds of the one trillion investment goal agreed by governments is earmarked to come from the private sector. This level of financing will not be mobilised by fine words and political aspirations alone.

"Coming out of this COP, there is an urgent effort needed to remove established barriers to investments in climate solutions by the business community - a challenge that, we believe, will require genuine leadership from the G20 in the months ahead. This must also form an integral part of preparations for COP30 next year in Brazil."

Read the Oxera report on the economic cost of extreme weather events