Financial sector must unite at COP29 to meet climate crisis and Trump impact

With COP29 now underway, the urgent call for the financial industry to work in unison to avert climate catastrophe has never been more critical, warns Nigel Green

 
The stark warning and call-to-action from the CEO of deVere Group as world leaders, key financial figures, and climate advocates converged on Baku on Monday. deVere Group urges that this summit must “finally bridge the financial gap,” unlocking the trillions of dollars required to safeguard the planet from the worst effects of climate change.

“Each day wasted is a day we step closer to irreversible damage. We simply don’t have the luxury of inaction,” says Nigel Green, CEO of 

“Leaders from all corners of finance—asset managers, insurers, private equity, banks, and pension funds—must come together and work collaboratively to finance transformative climate solutions. This responsibility is beyond any single institution or government; it’s an industry-wide mandate to future-proof our global economy.”

The climate stakes are raised even higher as the US prepares for a new administration under President-elect Donald Trump.

The deVere CEO notes: “Trump’s previous stance on environmental policies has raised concerns about potential setbacks in climate finance commitments. The election of a US president with a history of climate skepticism adds another layer of urgency. In a world where climate challenges are accelerating, it’s crucial for private finance to assume a leading role.

“The global finance community must step up to fill any potential void, leading efforts to meet and exceed climate funding targets.”

President Mukhtar Babayev’s opening remarks at COP29 underscored the dire reality: climate change impacts are no longer a future threat but an active crisis affecting lives, livelihoods, and ecosystems across the globe.

For the financial sector, this summit should serve as a clarion call to close the funding gap through unparalleled collaboration.

“Inaction or piecemeal efforts in the financial sector will no longer suffice,” continues Nigel Green.

“The sector has the resources and reach to catalyze change, but this requires a departure from siloed strategies.

“Experts estimate that global climate financing needs have escalated beyond previous projections, now reaching trillions annually. Public sector funding alone cannot address this magnitude.

“Major financial players need to adopt integrated, scalable investment models that channel resources into clean energy, climate-resilient infrastructure, and green tech, prioritizing sustainable investments that offer both social and financial returns.”

As COP29 progresses, the deVere Group calls on its peers in finance to prioritize collaboration, scale up commitments, and drive bold action to secure the future.

“This is the moment for unprecedented solidarity in climate finance. The world is watching, and history will judge those who chose action over rhetoric,” concludes Nigel Green.

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