We Mean Business Coalition statement on the COP29 outcomes

The We Mean Business Coalition describes the COP29 finance deal as insufficient, noting that the $300bn figure falls short of developing countries' needs. While the coalition views the 'Baku to Belém Roadmap' as a positive step for scaling public finance, it argues that the final agreement missed a leadership opportunity by omitting specific language on transitioning from fossil fuels. The coalition highlights that the global market for clean technologies is projected to exceed $2 trillion by 2035 and calls for 1.5°C-aligned Nationally Determined Contributions (NDCs) to mobilize private investment.

• The finance agreement reached at COP29 is considered inadequate, with the $300bn allocation failing to meet the requirements of developing nations.
• The COP29 outcome failed to include specific language regarding the transition away from fossil fuels, though the coalition asserts that clean energy technologies are becoming more competitive and the market for them is expected to triple to over $2 trillion by 2035.
• The 'Baku to Belém Roadmap' is identified as a key development for scaling public finance to support resilience and mitigation in developing countries, which in turn is necessary to reduce risk premiums and attract private sector investment.

APA

Prag, A. (2024). We Mean Business Coalition statement on the COP29 outcomes. We Mean Business Coalition. https://www.wemeanbusinesscoalition.org/blog/we-mean-business-coalition-statement-on-the-cop29-outcomes/

Chicago

Prag, Andrew. We Mean Business Coalition statement on the COP29 outcomes. We Mean Business Coalition, 2024. https://www.wemeanbusinesscoalition.org/blog/we-mean-business-coalition-statement-on-the-cop29-outcomes/.

Wikipedia

{{cite press release |last1=Prag |first1=Andrew |title=We Mean Business Coalition statement on the COP29 outcomes |publisher=We Mean Business Coalition |date=24 November 2024 |url=https://www.wemeanbusinesscoalition.org/blog/we-mean-business-coalition-statement-on-the-cop29-outcomes/ |access-date=23 October 2026 |via=Climate Insights Directory}}

BibTeX

@misc{prag2024mean, author = {Prag, Andrew}, title = {{We Mean Business Coalition statement on the COP29 outcomes}}, publisher = {We Mean Business Coalition}, year = {2024}, month = nov, url = {https://www.wemeanbusinesscoalition.org/blog/we-mean-business-coalition-statement-on-the-cop29-outcomes/}, urldate = {2026-10-23}, note = {Indexed by Climate Insights Directory} }