A BCC delegation of three Chambers of Commerce has returned from COP29, where they pressed the case for business involvement in climate change negotiations.
But a successful trade mission, which saw one low-carbon technology company sign a £10 million pound deal with Azerbaijan, was tempered by the lack of collective agreement on financial support.
The Chambers delegation was made up of 27 representatives from East Lancashire, Abu Dhabi and the Netherlands, who were hosted by the British Chamber of Commerce Azerbaijan.
Among the events they were involved in were:
- The launch, at a BCC event, of the Global Clean Power Alliance by Lee McDonough, the Director General for Net Zero at the Department for Energy Security and Net Zero (DESNZ).
- Meetings with the British Ambassador to Azerbaijan, Fergus Auld, and Minister for Development, Anneliese Dodds.
- Discussions with UK Export Finance, the Institute of Environmental Management and Assessment, and Business in the Community.
- Talks with Emma Pinchbeck, the CEO of the UK’s Climate Change Committee.
- A further launch, at a BCC event, of the expansion of low carbon investment house, Desmos.
- A ‘Frontrunners dinner’ with businesses committed to helping countries reach Net Zero
- Conversations with DESNZ Secretary of State, Ed Miliband, and Nigel Topping, the head of the UK’s new National Wealth Fund
- The opportunity to pitch technologies to the Azerbaijan Investment Company.
Professor Miranda Barker OBE, CEO of East Lancashire Chamber of Commerce, said:
“Our trade mission was a success, and from a business delegate point of view, this has been a fantastic week, with proof of what can, really, only be done when you are in the room together.
“There was a real opportunity to be involved in discussions at the highest level, supporting government to design investment schemes, meeting funders and even signing a Memorandum of Understanding.
“But for the COP process, it felt like two steps forward and one and a half back. Some long fretted over matters positively decided, but big aspirations left short-changed by the deals eventually reached.
“However, in terms of fighting to get climate commitments from every nation in the world, COP really is the only game in town.
“It is only by getting everyone together physically, and having every country involved, working on the climate crisis, that we can have any hope of stemming the tide.”
Her view was echoed by John Denton, the Secretary General of the International Chamber of Commerce, who said:
“The deal reached in Baku is far from perfect but represents, nevertheless, an important step towards mobilising the investments needed to decarbonise the global economy and build resilience to a changing climate.
“Analysis we published on the opening day of the conference shows that extreme weather events cost the global economy $2 trillion over the past decade — acutely impacting more than 1.6 billion people.
“Coming out of this COP, there is an urgent effort needed to remove established barriers to investments in climate solutions by the business community.
“This must also form an integral part of preparations for COP30 next year in Brazil.”