The UN Global Compact, in collaboration with the UN Environment Programme (UNEP) and UN Climate Change (UNFCCC), convened the 12th Annual High-Level Meeting of the Caring for Climate initiative today at COP29 in Baku. This pivotal event gathered influential leaders from business, finance, government, civil society, and the United Nations to drive forward climate finance commitments and advance the global climate agenda.

Focusing on the theme of COP29 as the “Finance COP,” the event emphasized the urgent need to mobilize and align both public and private financial resources to achieve ambitious climate goals. Discussions centered on accelerating investments aligned with Nationally Determined Contributions (NDCs) under the Paris Agreement and transforming these pledges into actionable investment roadmaps to support climate adaptation, mitigation, and resilience.

Sanda Ojiambo, CEO and Executive Director of the UN Global Compact, highlighted the private sector’s pivotal role in the climate finance landscape. Ojiambo stated, “Mobilizing both public and private finance is essential to achieving our climate goals. By bringing together business leaders, governments, and civil society, we are transforming national climate commitments into practical investments that will drive sustainable development and safeguard our future.”

Key Themes from the High-Level Meeting

The discussions during the session revolved around several pressing priorities:

1. Turning NDCs into Concrete Investment Plans
Participants highlighted the urgency of scalable public-private partnerships to mobilize the trillions of dollars needed for the transition to low-carbon economies. Emphasis was placed on streamlining investment processes and incorporating climate risk considerations into financial decision-making frameworks.

2. Unlocking the Private Sector’s Potential
The meeting explored innovative financing mechanisms, such as blended finance models, to close funding gaps, particularly for climate adaptation projects in vulnerable regions. Delegates also stressed the importance of aligning private investment strategies with national climate objectives to maximize impact.

3. Supporting Developing Nations
The event reaffirmed the need for inclusive and equitable climate financing to empower developing countries. Special focus was placed on scaling finance for adaptation projects in climate-vulnerable areas, with the aim of building resilience and fostering sustainable development.

A Pivotal Forum for Private Sector Engagement

Since its inception in 2007, the Caring for Climate High-Level Meeting has served as a cornerstone for private sector involvement in the UN Climate Change Conferences. Each year, the forum enables business leaders to exchange ideas, make commitments, and shape policies on climate-related issues. This year’s gathering reinforced global commitments to the UN Secretary-General’s climate priorities and set a clear vision for climate finance that delivers tangible results.

Advancing Climate Goals Through Collaboration

The UN Global Compact is actively working with the NDC Partnership and the broader UN System under the Climate Promise 2025 initiative. This collaboration promotes robust private sector engagement in the NDC process, leveraging business innovation and investment to accelerate meaningful climate action.

Launched in 2019, the Climate Promise has become the largest global initiative supporting NDCs, engaging over 120 countries. It addresses key areas such as emissions reduction, adaptation strategies, financing, and policy alignment to help nations meet their climate commitments effectively.

This year’s High-Level Meeting not only spotlighted the critical role of finance in tackling the climate crisis but also reaffirmed the importance of collaborative action across sectors to achieve a sustainable and resilient future.

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