This month’s newsletter explores the key outcomes and critical discussions that took place at COP29. From financial commitments to new carbon credit standards, the conference showed both some progress and ongoing challenges in tackling the climate crisis. We also share insights from Cogo’s Engage for Change series, featuring experts like Mike Berners-Lee and Mike Barry, on how to improve these conferences and turn climate goals into action. Let’s dive in!
- Key outcomes from COP29: Developed nations committed to providing $300 billion annually by 2035 to support developing countries, and a UN-backed body was created to regulate international carbon credit trading. However, discussions on phasing out fossil fuels met resistance from major players like Saudi Arabia, China, and India, resulting in no solid timelines or outcomes for transitioning away from fossil fuels.
- UK pledges to cut emissions by 81% by 2035: UK Prime Minister Kier Starmer announced an ambitious goal to reduce emissions by 81% by 2035 at COP29. Key initiatives include a ￡27 million-per-gigawatt Clean Industry Bonus to drive offshore wind investments and the CIF Capital Market Mechanism, designed to mobilise up to $75 billion for global climate finance.
- Brazil’s ambitious climate pledge: Brazil became one of the first countries to update its nationally determined contribution (NDC), committing to a 59-67% reduction in greenhouse gas emissions by 2035 compared to 2005 levels. The plan focuses on curbing deforestation, a critical measure for stabilising the global climate.
- New standards for carbon credits: Governments agreed to establish UN-backed carbon credit quality standards on day one of COP29, marking a turning point for the voluntary carbon market. Aiming to bring greater credibility to carbon trading while unlocking funds for developing nations to address climate challenges.
- Cogo has been recognised in the ESG Fintech 100 list, which celebrates companies driving innovation and leading the way in ESG strategy development for financial institutions. Learn more.
- Cogo was featured in Tech in Asia, where we shared insights on Singapore’s dynamic business ecosystem and why it’s an exciting hub for innovation. Read the full article.
- The Cogo team joined industry leaders at Money20/20 Las Vegas, and had some engaging conversations and interest in our climate solutions. Explore our takeaways.
- We had an incredible time at the Singapore Fintech Festival, connecting with partners and prospects, and showcasing Cogo’s solutions. See what we got up to.
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