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The most recent iteration of the UN’s climate talks went into overtime, with a $300 billion-a-year global finance target finally agreed at the COP29 summit in Baku in the last week of November with insurers and asset managers playing a key role.
The deal, intended to help poorer nations cope with climate change, has been derided by the delegates of both the rich and poor countries that had been meeting in the Azerbaijani capital. However, investors reportedly took comfort from both COP29 and its sister summit COP16 held in Cali, Colombia a few weeks previously.
The asset management and investment communities were, once again, involved in the process and could be affected materially by any new regulations and frameworks that occur from it. The changes that stem from it could inform investment strategies for years, said several participants.
