Trump’s climate scepticism raises concerns amid COP29: deVere

deVere Group chief executive, Nigel Green, has urged “leaders from all corners of finance” to work together to develop viable and impactful climate solutions, amid the 2024 United Nations Climate Change Conference (COP29) commencing in Azerbaijan.

The comments from Green also follow in the wake of Donald Trump’s election as the 47th president of the United States last week, the occurrence of which “raises the climate stakes” even higher.

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

“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.

“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 scepticism 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.”

Green delivered the call-to-action as world leaders commenced the 29th climate change conference administered by the United Nations in Baku, Azerbaijan on Monday. President Mukhtar Babayev opening the event with a heavy message emphasising the impacts of climate change on lives, livelihoods and ecosystems right now.

Green called on his financial peers to demonstrate “unprecedented solidarity” and contribute to the cause.

“Inaction or piecemeal efforts in the financial sector will no longer suffice,” he said.

“The sector has the resources and reach to catalyse 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.

“The world is watching, and history will judge those who chose action over rhetoric.”