The 12th Annual High-Level Meeting of the Caring for Climate initiative convened during COP29 in Baku, Azerbaijan, on 13 November 2024. Organized by the UN Global Compact in partnership with the UN Environment Programme (UNEP) and UN Climate Change (UNFCCC), the meeting brought together senior leaders from the United Nations, business, finance, civil society, and government to advance commitments on climate finance—a key theme of this year’s COP.
The session commenced with welcoming remarks from Sanda Ojiambo, the Assistant Secretary-General and the CEO and Executive Director of the UN Global Compact. The meeting revolved around three critical questions: the role of policy frameworks and regulations in de-risking investments for financial institutions and businesses; strategies to make Nationally Determined Contributions (NDCs) investable; and approaches to enhance public and private finance flows to support national climate transition plans. Participants explored innovative investment solutions and collaborative efforts to mobilize resources for urgent climate action.
A historic moment for Indonesia unfolded as Dr. Mari Elka Pangestu, Special Envoy of the Indonesian Government for International Trade and Multilateral Cooperation, became the first Indonesian speaker at the high-level meeting. Her intervention underscored the importance of countries adopting clear strategies for green, resilient, and inclusive growth. She emphasized the critical role of public-private partnerships and innovative mechanisms in mobilizing climate finance, particularly for developing countries. Highlighting initiatives like the Global Blended Finance Alliance, she shared insights on how these efforts mitigate risks and optimize funding for sustainable projects.
Dr. Pangestu also articulated Indonesia’s commitment to transitioning toward renewable energy and its proactive stance on sustainable development. She called for strengthened international cooperation to tackle the challenges posed by climate change, reflecting Indonesia’s growing leadership on the global stage.
The UN Global Compact Network Indonesia (IGCN) played a pivotal role in bridging the private sector and government efforts in Indonesia, fostering collaboration and alignment with international climate goals. By connecting key stakeholders, including during COP29, IGCN continues to empower Indonesian businesses to take ambitious climate actions and contribute to the nation’s decarbonization journey.
As the discussions concluded, the high-level meeting reaffirmed the importance of multi-stakeholder collaboration in accelerating climate finance and implementing practical solutions. The UN Global Compact and IGCN remain committed to driving impactful partnerships, ensuring businesses and governments work together to meet the challenges of the climate crisis and secure a sustainable future for all.
Learn more about the session from the UN Global Compact News.
