UN Climate Change Conference COP29 decides on new climate finance target – Technology Industries of Finland plays the key role
The UN Climate Change Conference (COP29) will begin in Baku, Azerbaijan next week on 11 November. Technology Industries of Finland will participate as part of the Finnish delegation, alongside other business leaders.
COP29 will once again bring together global leaders, businesses and NGOs to address the challenges and solutions related to climate change. The conference provides an opportunity for companies to help shape the future of global climate policy, laying the groundwork for future regulations and policy development.
This year’s theme central theme is climate finance and investments. The negotiations focus on advancing climate change mitigation and adaptation goals. Additionally, discussions will focus on implementing and tracking the global stocktake of the Paris Agreement.
Building on the progress made at COP28, the European Commission’s 2024 spring communication proposed to reduce greenhouse gas emissions by 90 percent below 1990 levels by 2040. The proposed target calls for a drastic reduction in carbon dioxide emissions in all sectors.
Reducing emissions and developing the electrification of industry require significant investments.
The new climate target will affect industries in many different ways but underlines the need for industry to achieve near-net-zero emissions by 2040. As a result, industrial processes are becoming electrified, which increases the need for clean, secure and affordable electricity. The development of these solutions requires significant investments, international cooperation and the use of new technologies.
COP28 reached a historic decision to phase out fossil fuels in the current decade. Finland’s negotiators played an absolutely crucial role in the outcome. However, much work remains. To meet the Paris Agreement targets, emissions must fall by 7.5 percent annually until 2035.
For Finnish industry, the easiest emission reduction measures have already been implemented. The next challenges lie in reducing emissions across the value chain. At COP29, the Finnish Technology Industries will focus on sustainable investments, carbon handprint, and the business opportunities and climate benefits of captured carbon dioxide. These investments in climate action will also create sustainable jobs for the future.
Finland has the world’s most ambitious carbon neutrality targets and its global leadership in clean innovation make the participation of Technology Industries of Finland in COP29 essential. Showcasing Finnish technological solutions with the potential to significantly reduce global carbon dioxide emissions will be a key highlight of our involvement.
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