COP29 Climate Finance Day: 'Yes there's hope'

Among the industry reactions to COP29 summit, Allegra Ianiri, research analyst at MainStreet Partners highlighted some positive themes emerging from the Climate Finance Day.

She said: "Finance Day at COP29 centred on negotiations around the New Collective Quantified Goal on Climate Finance (NCQG), where focus and frictions remain intense, especially around setting a concrete quantitative target.

"Yet, there’s hope. New guidelines released yesterday morning by the Independent High-Level Expert Group on Climate Finance offer fresh insights, potentially paving the way for meaningful progress.

"While current climate finance still falls short of bridging the investment gap, recent findings from the Standing Committee on Finance reveal encouraging advances in transparency, credibility, and the tangible impact of green finance on the real economy.

"Over 100 jurisdictions now have regulations and policies directly targeting climate finance—a 40% rise since 2020. This regulatory shift shows no sign of slowing, with private sector commitments driving sustained green transformation across society and the global economy.

She further said: "Private sector participation in climate action is accelerating as well. The Industrial Transition Accelerator (ITA), backed by 50 global business leaders and over 700 financial institutions, made a compelling call today for government action. Through an open letter, they urged policymakers to adopt proven measures that stimulate demand for green products and leverage industrial decarbonization opportunities.

"These measures could unlock up to $1 trillion in investments, enabling more than 500 green industrial facilities awaiting financing to be operational by 2030. This investment is crucial for reducing emissions across six major industries—aluminium, cement, chemicals, steel, aviation, and shipping—bringing them in line with a 1.5°C pathway and fostering sustainable economic growth over the next decade.

"Additionally, initiatives like the Business, Investment, and Philanthropy Platform at COP29 are amplifying cross-sector partnerships and idea exchanges, further cementing the role of business in climate action.

"Together, these collaborative efforts underscore the transformative potential of climate finance and private sector leadership in driving a sustainable future."