We Mean Business Coalition

The finance deal agreed in Baku last night is not enough, but it provides something to build upon. The $300bn figure falls far short of what is needed by developing countries. The Baku outcome means that the expectation for?mobilising private sector finance and investment is greater than ever.? But one clear lesson from Baku is the vital importance of multilateralism to make progress on this truly global issue. We must work hard together to rebuild trust and strengthen these spaces for multilateral cooperation to ensure they cannot be held to ransom based on the positions of one or two individual countries. ? ? Additionally, business and governments need to develop new and innovative ways of working together in support of a global transition from fossil fuels to clean solutions, recognising the urgency of the situation we are in. The progress made at COP29 to operationalise new carbon market mechanisms through Article 6 is one promising avenue. ?? By leaving out specific language on transitioning away from fossil fuels, the deal agreed in Baku missed an opportunity for leadership. Nevertheless, the momentum of the clean energy transition is now unstoppable, and the fossil fuel era is nearing its end.? ?? Businesses operating globally understand climate risks —such as extreme weather events, shifting supply chains, and rising insurance costs—are business risks. Most of the world’s largest companies are committed to investing in clean technologies and solutions because it makes business sense. ? ? To meet the scale of the climate crisis, governments must now leave Baku determined to collaborate with business to accelerate action and deliver robust, implementable national plans that drive investment towards clean energy economies.? ? #NDCs #COP29 #FossiltoClean Read the We Mean Business Coalition response here:? https://lnkd.in/e_VYSVeu BSR CDP Corporate Leaders Groups Climate Group Ceres, Inc. The B Team WBCSD – World Business Council for Sustainable Development María Mendiluce Andrew Prag Gillian Nelson Karl Vella Dominic Gogol

World leaders made a historic commitment to a clean energy future at COP28. ? At #COP29 in Baku, it’s time for them to deliver the global finance needed to accelerate ambitious, investable, and equitable national climate plans that will drive private sector action and unlock investment. ? As we head into the final negotiations, we spoke with Miguel ángel Mu?oz Rodríguez from Iberdrola about what businesses need from world governments to drive much-needed investment. ? Businesses are already taking action. Iberdrola has an ambitious global investment plan worth €41 billion, aligned with their climate strategy to reach net zero across all scopes by 2040. ? The private sector wants to invest in national markets with stable, predictable environments and policy frameworks that promote the rapid adoption of clean solutions. ? Governments must meet the moment and deliver the policies required for an accelerated shift from fossil fuels to a clean energy future to unlock the essential private sector investment needed. ? See what business is calling for at COP29:?https://lnkd.in/dRWJ4WXj ? ? #FossilToClean #WMBC

?? As negotiators in Baku thrash out the final COP29 texts, they must prioritize reflecting the outcomes of the Global Stocktake agreed at COP28. In particular, the commitment to transition away from fossil fuels towards clean energy. Without clear signals that align with last year’s commitments, including the transition away from fossil fuels, governments risk stalling critical private sector investment needed to achieve climate goals. At this pivotal moment, We Mean Business Coalition reiterates our calls for: ? Clear signals from COP29 for ambitious and investible national climate plans (NDCs) that drive real change. As national climate plans for 2035 are drafted, governments must address the root cause of climate change—fossil fuel dependence—and commit to specific targets for sectors like clean energy, energy efficiency, and nature restoration.? ?? ?? A strong global finance commitment. To translate these ambitious plans into action, companies insist that COP29 must establish a robust climate finance agreement (NCQG), particularly for low- and middle-income countries where climate finance is critical. Read the statement in full: https://lnkd.in/dYcimU2s #FossiltoClean #WMBC #COP29 Clea Kaske-Kuck Jennie Dodson Lewis Hill Elisa Leimer Susanne Kat Nicolette Bartlett Amir Sokolowski Clare Everett Sierra L. Champa Patel Andrew Forth Toby Walker Deborah Rigling Gallagher Anine Bundg?rd Eliot Whittington Beverley Cornaby Katherine Quinn Anne L. Kelly Zach Friedman Fiona Macklin Matthew Phillips Rebecca Kershaw

As we approach the final phase of negotiations at #COP29 in Baku, our Climate Policy Director Karl Vella addresses what is needed from world governments to meet the moment. COP29 is the time to deliver key agreements on emission reductions and climate finance necessary to meet the urgency of the global climate crisis.? With updated texts landing today covering major negotiating themes including the new climate finance goal, the implementation of the Global Stocktake decisions from COP28 and Article 6 on the use of market-based mechanisms, COP29 has moved into a critical phase that will determine the success of the talks.? ? As the hours tick down to the final decisions, we call on governments to demonstrate leadership by recognizing the risks that climate change poses to international stability and delivering the urgency of climate action needed to keep 1.5°C within reach. See what business is calling for at COP29: https://lnkd.in/dRWJ4WXj #FossilToClean #WMBC??

?? Business is calling on governments meeting at COP29 to make good on their commitment to speed up the transition from fossil fuels to clean energy solutions. Unilever has already transitioned over 90% of its electricity to renewable sources and has set science-based targets for reducing emissions across its value chain by 2030. Companies like Unilever are switching to renewable energy, electrifying their fleets, investing in energy efficiency, and decarbonizing their supply chains because it’s good for business – and because people overwhelmingly want to see greater action on climate change. “The scale up of renewables is going to power the shift to a net zero economy. Everything in power is moving so fast. We can see the costs continuing to come down,” Thomas Lingard, Global Head of Sustainability (Environment) at Unilever told us the We Mean Business Coalition pavilion at #COP29. But business cannot make this transition alone. In order to meet their targets and decarbonize across the global value chain, companies need world leaders at COP29 to act with the urgency that the climate crisis demands. Unilever and 260+ businesses who represent more than $1.6 trillion in annual revenue are urging national governments to address the primary cause of climate change: burning fossil fuels. See what business is calling for at COP29: https://lnkd.in/dRWJ4WXj #FossilToClean

During #COP29, the UK announced its updated?#NDC to slash emissions by 81% by 2035. Emma Pinchbeck FEI, CEO of the Climate Change Committee, which advises the UK government on climate, explains why business has big role to play in delivering on the new target, and why more ambition is needed to ensure future prosperity. “We’ve got leaders here who want to see economies grow with clean technologies, who want to see better, more sustainable, more just business models,” Emma shared in Baku. As other countries update their NDCs by early 2025, governments must include plans that will accelerate the transition from #FossilToClean, as well as halt and reverse nature loss, to enable us to secure a safe and sustainable future. Stay up to date with developments at COP29: https://lnkd.in/efBK_Vz8 #WomenLeadingOnClimate #ClimateAction?

‘This is about showing leadership on climate, but we also want to make sure we’re leaders of the new economy.’ At #COP29, Brazil announced its new NDC commitment, targeting reductions of up to 67%. At our flagship #FossiltoClean event, Bruna Cerqueira of Brazil’s Ministry of Environment and Climate Change (Ministério do Meio Ambiente e Mudan?a do Clima) outlined how the target was backed up by both the country’s climate and economic plans. She said Brazil wanted to deliver an invitation to business: ‘come do business with us, come take part in that’. See our policy asks to government, and find out how ambitious and investible NDCs can unlock the power of business to deliver climate action: ?https://lnkd.in/dRWJ4WXj #WMBC #COP29??

?? #G20 Leaders meeting in Rio de Janeiro last night sent a clear message to negotiators in Baku that it is essential to secure a strong outcome in the ongoing finance negotiations at COP29. ? In a communiqué released at the end of the first day of the G20 Summit, the leaders of the world’s major economies expressed their readiness to reform the broader financial system to ensure that finance flows to those countries who need it most. They have also reaffirmed their commitment to accelerating the clean energy transition in line with the outcome agreed in the Global Stocktake at COP28 in Dubai last year, ensuring these recommendations are reflected in their NDCs. Responding to the news, We Mean Business Coalition CEO María Mendiluce said: ? “It is essential to understand the momentum for a clean energy future is unstoppable, driven by scientific necessity and economic opportunity. Thousands of businesses representing a substantial portion of the world's economic activity are investing heavily in renewable energy and efficiency technologies, making it clear that the direction of travel is not a negotiation topic but a market reality. “As countries are developing their NDCs and implementing the UAE Consensus, they must recognize they need to replace fossil fuels by reducing energy demand and increasing renewable energy supply. This is good for energy security and competitiveness. This sends a strong demand signal to the market and to countries that will be looking at ways to diversify their economies and reduce reliance on fossil fuel exports. For low- and middle- income countries, impacted most by climate change, an agreement at COP29 on climate finance that supports the move away from fossil fuels will help them prepare for this transition. “G20 leaders reference the clean energy transition in the communique, following support by climate, environment, foreign affairs and finance Ministers in the G20 this year, as well as Heads of State at September’s Summit of the Future. However, they miss an opportunity to move the needle towards the demand and supply actions required for the clean energy transition.” ?? Read more here: https://lnkd.in/eG6-x8ee #WMBC #COP29 #FossilToClean ???? BSR, CDP, The B Team, Corporate Leaders Groups, Climate Group, WBCSD – World Business Council for Sustainable Development, and Ceres, Inc.??? ?

As the second week of #COP29 begins in Baku, I reflect on the developments from week one.?? ?? On Saturday, together with #Mission2025, we coordinated a network of business groups calling on G20 leaders to lead on NDCs and finance in the face of slow progress at COP29.?? ? Working with more than 38,000 companies, they are calling on governments to do three things.?? ? ? “Publish the plans”: Submit NDCs that are 1.5°C aligned, sector-specific and backed up by clear plans and investment policies.? ? ? “Move the money”: Catalyze finance to meet the needs of developing economies through financial reform and a high-ambition finance goal in Baku.? ? Investing in clean solutions is the best way to ensure energy security. This is material to companies and this investment is going to increase their competitiveness.?? ? We have already seen critical leadership from the UK government, with signals that the UK is determined to lead the clean energy race. Consistent with the science and what is technologically and economically achievable, their #NDC published at the beginning of week one is a clear signal that the UK is back as a global leader on climate.?? ? #Brazil also announced its headline #NDC target last week, with the top range of the target being ambitious indeed. It has pledged to cut greenhouse gas emissions by 13% to 29% from its 2030 levels or 59% to 67% from its 2005 baseline. Currently presiding over the G20, and hosting #COP30, Brazil is striving to position itself as a global leader in climate action.? ? This week at the #G20, leaders must be focused on ensuring policy coherence. To be aligned with 1.5°C, a country’s policies must be consistent and must promote the transition away from fossil fuels, drive investment in renewables and deliver energy efficiency.? ? The focus needs to be on all three. To put it simply. The best way to address climate change is to stop burning fossil fuels.?? ? Companies do not invest in four-year cycles. Business wants to invest in national markets with stable, predictable environments and policies that drive rapid adoption of clean solutions. It’s time to deliver.?? ? ?? See the statement: https://lnkd.in/ghvNp__H With thanks to our Board, the leaders of our founding partner organizations and signatories for their support ???? ? Peter Bakker, Sir Ian Chesire, Helen Clarkson, Aron Cramer, Patricia Espinosa Cantellano, Steve Howard, Mindy Lubber, Sherry Madera, Roberto Marques, Leah Seligmann, Supriya Sen, and Eliot Whittington, Faustine Delasalle, Cristina Gamboa, Marina Freitas Grossi, Tuuli Kaskinen, Nathaniel Keohane, Amanda Leland, Marcene Mitchell, Sanda Ojiambo, Andrew Petersen, Gonzalo Saenz de Miera, and Sarah Schwimmer. #FossilToClean #WMBC? ?

?? The latest edition of Signals of Change is here—and it's a #COP29 special! With negotiations underway in Baku, leaders, businesses, and organizations are pushing for the ambitious action and finance commitments we need to tackle the climate crisis. This issue covers: ?? Key announcements from COP29, including new NDCs from the UK and Brazil ?? Insights on unlocking climate finance to drive ambitious, investible national plans ?? Breakthrough Agenda highlights: commitments to decarbonizing industries, scaling renewable energy, and more ?? Strides in nature conservation, with updates from COP16 in Colombia ?? How businesses can lead in accelerating the clean energy transition Read the latest issue and subscribe to stay updated on climate action by businesses and policymakers ??