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COP29 was always going to be a complex summit, shaped by intricate negotiations and a fraught geopolitical backdrop. However, the UK emerged from the conference not just as a participant, but as a leader, driving both government and private sector initiatives to tackle climate change head-on.
This year’s summit was dubbed the ‘Finance COP,’ focusing on how the financial power of wealthier nations can support the transition to a green economy, particularly for emerging markets and developing countries. It was a pivotal moment for the private sector to demonstrate its capacity for decisive action.
At the City of London Corporation, we’ve always been proud to position the UK as a global financial hub at the heart of this transition. In his speech at the World Leaders Summit, Prime Minister Keir Starmer reaffirmed the UK’s leadership in the clean energy transition, unveiling the UK’s new Nationally Determined Contribution (NDC) to reduce economy-wide emissions by 81% by 2035, compared to 1990 levels. This ambitious goal was further supported back in London by the Chancellor’s announcement of new financial services reforms aimed at not just boosting economic growth but ensuring the UK remains a global leader in sustainable finance.
What became abundantly clear at COP29 was that the private sector is integral to driving forward climate action. Throughout the summit, there was a growing recognition that the private sector must continue to play a pivotal role in mobilising the capital needed to achieve national decarbonisation commitments. The opportunities are there for the taking, and four critical areas emerged where the private sector can—and must—play a central role.
Transition finance was at the forefront of discussions. For companies and governments to meet their decarbonisation commitments and honour the Paris Agreement, they need credible, scalable transition finance. At the City of London Corporation, we were proud to co-lead the secretariat for the UK’s Transition Finance Market Review (TFMR), producing a blueprint for scaling transition finance both in the UK and globally.
COP29 saw the City of London Corporation co-launch the Transition Finance Council with the UK Government, to ensure the TFMR’s recommendations are realised. This Council will engage with international markets, promote interoperability, and drive collaboration. To catalyse this work, we hosted a roundtable at COP to set the groundwork for global partnerships—because, as we know, the scale of the climate challenge demands collective action.