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COP29 sees major climate investment agreements: This year’s global climate summit saw major financing commitments as it gathered 60k delegates, including prominent figures from business and finance, Reuters reports. Here are some of the major agreements:
Multilateral Development Banks (MDBs): Leading MDBs, including the World Bank and European Investment Bank, committed to increase annual climate-related lending to USD 120 bn for low- and middle-income nations, as we noted yesterday .
Acumen: The non-profit investor pledged USD 300 mn over five years to fund agricultural climate adaptation across East and West Africa, India, Latin America, and Pakistan.
Financing Asia’s Transition Partnership: The Financing Asia’s Transition Partnership, a USD 5 bn public-private-philanthropic initiative led by the Monetary Authority of Singapore, is targeting USD 1 bn for sustainable infrastructure through Pentagreen Capital.
Climate Investment Funds (CIF): CIF announced a USD 75 bn bond issuance program over 10 years, launched on the London Stock Exchange, to catalyze further private and multilateral climate financing.
Saudi + Azerbaijan sign multiple green agreements: Saudi Arabia signed a slew of documents during the summit that reaffirm its partnership with Azerbaijan under the Central Asia-Azerbaijan Green Energy Corridor, state news agency Azertac reports. Included in the agreements signed was support for the Implementation Program for the Development and Transmission of Green Energy and the Road Map on Energy Cooperation between Azerbaijan’s Energy Ministry and the Saudi Energy Ministry Ministry of Energy of the Kingdom of Saudi Arabia, and an MoU for electricity cooperation.
Not the pair’s first collaboration: In October, Azerbaijan said it was looking to establish a joint sovereign investment fund with Saudi Arabia to boost investment in priority sectors in both countries. Officials discussed channeling Saudi investments towards Azerbaijan’s energy, renewables, manufacturing, tourism, infrastructure, livestock, agriculture, and mining sectors, while also facilitating Azerbaijani companies’ involvement in infrastructure projects in Saudi Arabia and exports of foodstuffs to the Kingdom. Incentives for Saudi investors at Azerbaijan’s freezones were also on the agenda.
