COP29 to boost business opportunities amid climate challenges, says Howden Group rep

COP29 will create significant opportunities for businesses to thrive amidst new climate realities.

This was stated by Anthony Hobbly, Climate and Risk Representative of the UK’s Howden Group, at the International "Sustainable Development and Climate Innovations" forum held in Baku, Azernews reports.

He praised the team’s efforts in organizing negotiations ahead of the COP29 climate summit, which will be held in Baku this November.

"Climate change impacts economic development, investors' incomes, and business activities, making climate decisions globally significant," Hobbly emphasized.

According to him, "Finance addresses many challenges, including the threat of climate change. To ensure effective climate finance, it is crucial to raise substantial funds in the market."

He added, "Climate change increases risks, including credit risks. Therefore, banks are actively participating in climate negotiations."

Hobbly expressed satisfaction with the British Chamber of Commerce (BCCA) for organizing events in Baku that contribute directly to implementing COP decisions.

"Imagine COP29 being held in Baku. Over the past decade, the world has recognized the importance of environmental protection for successful economic development and city functioning. I am confident that the negotiation process at COP29, like previous COP sessions, will produce important outcomes," Hobbly said.

He also noted that political will is essential for organizing climate financing and promoting energy transition measures.

"I believe COP29 will provide significant opportunities for businesses to succeed by addressing new climate realities and combating climate change," he added.

It should be noted that the 29th Conference of the Parties to the UN Framework Convention on Climate Change (COP29) will be held in Azerbaijan this November. The decision was made at the COP28 plenary session in Dubai on December 11 last year. Baku is expected to host around 70,000 to 80,000 foreign guests.