What Changed
- Highlighting that annual global clean energy investment now exceeds $2 trillion while calling for sustained policy signals to accelerate deployment.
- Detailing four priority pillars for Antalya and COP31 covering clean transition, mitigation framework implementation, adaptation indicators, and climate finance.
- Focusing climate finance advocacy on tackling macroprudential rules, cost of capital, bankability gaps, and capital access in EMDEs.
Ahead of the COP31 climate conference, business representatives led by the International Chamber of Commerce (ICC) have highlighted the critical role of governments and international policy processes in providing clear, sustained signals to accelerate climate investments at scale. Writing following visits to Pacific nations including Fiji, Tuvalu, and Australia, the statement emphasizes the business community's ongoing commitment to the Paris Agreement and maintaining the 1.5°C target.
While annual clean energy investment has now passed $2 trillion, the ICC stresses that government policies remain essential to drive faster, large-scale deployment. The message focuses on four main priority areas ahead of discussions in Antalya and COP31.
First, on the clean energy transition, the ICC points to practical initiatives such as battery deployment in Palau and solar installations in Fijian schools to demonstrate how electrification reduces dependence and builds resilience. The organization calls on COP31 to place clean electrification and energy efficiency at the heart of the transition, urging a policy agenda that establishes conditions for achieving global targets while ensuring energy systems remain reliable, affordable, and competitive under rising demand.
Second, regarding mitigation, the statement advocates turning the Mitigation Work Programme (MWP) into an impactful operational framework. This framework should foster cross-country collaboration among public, private, and financial actors to remove bottlenecks that hinder deep emissions reductions.
Third, in terms of climate adaptation, the statement notes that public finance continues to lead because not all adaptation measures, such as seawalls, yield commercial returns. The ICC suggests that the Belém Indicators should serve to outline where commercial investment can follow, emphasizing the inclusion of local small and medium-sized enterprises (SMEs) and chambers of commerce in these efforts.
Finally, regarding climate finance, the statement highlights the need to address structural barriers beyond mere public funding volumes. Key challenges include access to capital, high borrowing costs, bankability gaps, and macroprudential regulations affecting infrastructure investments in Emerging Markets and Developing Economies (EMDEs). The ICC advocates for an ambitious Climate Finance Work Programme and sustained public-private dialogue with host parties, including Türkiye and Australia.
Who May Be Affected
Governments, multilateral bodies, private sector investors, chambers of commerce, and local SMEs engaged in climate transition and international climate finance.
Cross-Border Context
Applies across international jurisdictions participating in United Nations climate discussions, global clean energy investments, and cross-border financial regulation.
What to check next
- Official proceedings and published agendas leading up to COP31.
- Development of the Climate Finance Work Programme and the implementation details of the Belém Indicators.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.