The Icons
  • SDG
  • ESG
  • Leadership
  • Business
  • World
  • Health
  • Succession
  • Innovation
  • More
    • Women
    • Entertainment
    • Academic
    • Culture
    • Lastest
    • Lifestyle
    • Tech
    • Opinion
    • About《The Icons》
  • Chinese 中文
Login
No Result
View All Result
The Icons
No Result
View All Result
Home Leadership

COP29 Leaders|IHLEG Co-Chair Vera Songwe’s Vision for Global Climate Finance and Sustainable Growth

jacksullivan by jacksullivan
November 15, 2024
IHLEG Co-Chair Vera Songwe (Photography: Puissance-237)

IHLEG Co-Chair Vera Songwe (Photography: Puissance-237)

At the COP29 summit in Baku, renowned economist and finance expert Vera Songwe shared her vision for climate finance and green industrialisation. Songwe emphasised the need for global collaboration to tackle the climate crisis and advance sustainable development. As co-chair of the International High-Level Expert Group (IHLEG), she underscored the importance of joint financing between public and private sectors, advocating for accelerated green industrialisation and strengthened domestic growth to address the demands of climate finance.

You might also like

In the Next Decade, Business Leaders Without IP Will Gradually Lose Market Trust

Dr. Hsu-Wei Fang, Founder of Biotegy Corporation: Medical Technology Will Be Taiwan’s Next International Calling Card

Ryan Lin, Associate Professor and Director of the Department of Financial Technology Applications at Ming Chuan University: Transforming the Future of Finance through Technology to Build a Sustainable Economic System

“Achieving global climate goals requires $2.4 trillion in financing annually, with $1 trillion from external sources and $1.4 trillion from domestic funding,” Songwe noted. She stressed that low-income countries must enhance domestic resource mobilisation, create jobs, and drive green industrialisation to boost their growth potential. Songwe called on leaders at COP29 to establish a clear blueprint for green industrialisation that benefits not only developed economies but also fosters inclusive economic growth globally. “This vision will serve as the foundation for global investment, attracting the necessary capital to make sustainable development a reality.”

Funding Loss and Damage, and Redistributing Fossil Fuel Subsidies

Songwe hopes that COP29 will fully support the Loss and Damage (L&D) Fund established at COP27 to assist countries most severely impacted by climate change. “Countries in the Global South often bear the brunt of the climate crisis, yet lack the resources to cope,” he stated. In 2022, global fossil fuel subsidies reached $7 trillion, and if half of this amount could be redirected into climate finance, it would greatly accelerate the green transformation and reduce dependence on fossil fuels. Such a financial redistribution would have significant implications for enhancing the resilience of vulnerable nations.

Songwe suggested that COP29 should establish a framework to reallocate some of these subsidies to Africa, Asia, and Latin America, supporting the green transformation of impoverished communities. These funds should not only be used for national policies but should also flow into rural and remote areas to meet grassroots needs:

“Through this financial support, COP29 has the potential to lay a more equitable and inclusive foundation for global climate action.”

Strengthening Carbon Markets and Establishing Unified Standards

The carbon market is a crucial source of funding for low-income countries to address climate change, but to realize its full potential, COP29 must play a key role. “The implementation of Article 6 of the Paris Agreement is vital, as it can establish a unified framework for the global carbon market, ensuring that countries’ emission reduction actions adhere to consistent standards and reliable trading regulations.” She advocates for a shift from voluntary to mandatory carbon markets, establishing unified carbon reduction standards and regulatory mechanisms to reduce the risk of greenwashing and enhance the authenticity and credibility of carbon credits.

To achieve a global pricing standard for carbon credits and cross-regional interoperability, not only will it attract more investors, but it will also enhance market transparency and stability, creating a more reliable funding source for low-income countries. She calls on governments to demonstrate their commitment at COP29, jointly pledging to accelerate the development of carbon markets and support the participation of low-income countries:

“Through these efforts, the carbon market will become a critical financial channel to address the climate crisis, driving the global transition to a low-carbon and sustainable economy.”

Recommend for you:

COP29 Leaders | The Eurasian Trade Shortcut! World Bank Country Manager for Azerbaijan, Stefanie Stallmeister: Driving the “Middle Corridor” to Boost EU Trade Growth

COP29 leaders|UN Climate Change High-Level Champion H.E. Razan Al Mubarak: Nature is Not Ornamental, But Fundamental

Tags: Climate ChangeCOP LeadersCOP29SDGSustainabilityVera Songwe
ShareShareTweet
jacksullivan

jacksullivan

Jack Sullivan, University of Melbourne, MSc in Environmental Science. Environmental writer at 《The Icons》. Obsessed with climate solutions and rewilding projects. I recharge by surfing the Australian coast.

Recommended For You

Bean Chang, Founder of BAOBIAN IP and President of BAOBIAN Academy (left), with Harry Hsu, Founder of The Icons Media Group (right). (Photo: The Icons)

In the Next Decade, Business Leaders Without IP Will Gradually Lose Market Trust

by YC
September 11, 2025

...

Dr. Hsu-Wei Fang, Founder of Biotegy Corporation. (Photo: Biotegy Corporation)

Dr. Hsu-Wei Fang, Founder of Biotegy Corporation: Medical Technology Will Be Taiwan’s Next International Calling Card

by Gary Kung
September 9, 2025

...

Ryan Lin, Associate Professor and Director of the Department of Financial Technology Applications at Ming Chuan University: Transforming the Future of Finance through Technology to Build a Sustainable Economic System

Ryan Lin, Associate Professor and Director of the Department of Financial Technology Applications at Ming Chuan University: Transforming the Future of Finance through Technology to Build a Sustainable Economic System

by Gary Kung
September 3, 2025

...

From top to bottom, left to right: Viola Jardon, Head of Innovation Programmes at the Cambridge Institute for Sustainability Leadership (CISL); Tzu-Cheng Lin, Special Assistant to the Chairman of Fu Tsu Construction; Chenwei Huang, General Manager of JAN CHENG LIGHTING CO., LTD.; Ken Hsi, Chief Marketing Officer of HSIN CHONG GROUP; Jeff Tsai, Chairman of GTB Group; Ali Ying-Che Hsieh, President of the Cambridge University Taiwan Alumni Association and Professor at National Tsing Hua University; Bella Wang, CEO of the Taiwan Digital Enterprise Alliance; Harry Hsu, CEO of《The Icons》and Secretary General of the Cambridge University Taiwan Alumni Association. (Photo: The Icons)

Amid Global Upheaval, The Mission of a New Generation of Entrepreneurs: Not to Guard the Past, But to Create the Future

by Gary Kung
August 28, 2025

...

Dr. Roger Chang, Founder of DR.HAO Academy, with Harry Hsu, CEO of 《The Icons》International Leaders Magazine. (Photo: The Icons)

In the Age of AI, Where Lies the Next Battleground for Doctors’ ‘Personal Brands’? Harry Hsu, CEO of《The Icons》: Elevating to ‘Leadership Brands’, from Leveraging Personality to Defining an Era

by Gary Kung
August 23, 2025

...

Next Post
Brooks Pearce, CEO of Maze Environmental (Photography: Maze Environmental)

Innovative Technology Drives Decarbonization of the Energy Industry! Brooks Pearce, CEO of Maze Environmental: Only by Acting Now Can We Embrace a Sustainable Future

Top Views

Han Jong-Hee, Former CEO of Samsung Electronics. (Photography: Samsung Electronics)

Leading the Path to Global Sustainability — Han Jong-Hee, Former CEO of Samsung Electronics, Champions a Lasting Vision of Corporate Responsibility

March 27, 2025
From left to right: CAMentrepreneurs Founder Richard Lucas, British Chamber of Commerce Taipei Chair Samuel Yang, Cambridge University Taiwan Alumni Association President Ali Hsieh, NUWA Reprogramming CEO Ming Wen, and《The Icons》CEO Harry Hsu. (Photography: CAMentrepreneurs)

CAMentrepreneurs Taiwan Chapter Launches: Turning Every Local Connection into Part of a Global Whole

June 19, 2025
From left to right: NCKU Honorary President Professor Huey-Jen Jenny Su, NYCU Associate Professor Grace Hsiao Chan, NYCU Associate Professor Sirirat Sae Lim, CISL Head of Innovation Programmes Viola Jardon. (Photo: The Icons)

CAMentrepreneurs Taiwan Forum: From Their Stories, Exploring the Innovative Journey from Local Resilience to the Global Stage

August 12, 2025
Mandarin Soul Music Virtuoso Khalil Fong. (Photography: KHAM)

The Melody Lives On, the Vision Sings Forever – Khalil Fong’s Timeless Musical Legacy and Sustainability

March 4, 2025
Andy Lin, President of the World Taiwanese Chambers of Commerce Junior Chapter. (Photography: Andy Lin)

Art Is Not Just Performance, It’s the Power to Transcend Borders! Andy Lin, President of the World Taiwanese Chambers of Commerce Junior Chapter: Let Music Become the Language That Changes the World

July 7, 2025
NVIDIA CEO Jensen Huang(Photography: BusinessToday)

NVIDIA CEO Jensen Huang: AI and Sustainability Dual Engines Driving a New Era

July 2, 2024

The Icons

  • About 《The Icons》
  • Privacy Policy
  • Terms of Use
  • Women

CATEGORIES

SDG Business Succession Academic Lifestyle
ESG World Innovation Culture Tech
Leadership Health Entertainment Latest Opinion

Contact us

Email: hello@theicons.net

   

© 2025 THE ICONS COLLECTIVE LTD. All Rights Reserved.

Sign in or create your account
OR USE
Please wait. Signing you in...
Forgot Password?
Signin with another account
OR USE
Please wait. Signing you in...
Already have an account? Login.
OR USE
Please wait. Signing you in...
Enter your email address or username to continue.
No Result
View All Result
  • Chinese 中文
  • SDG
  • ESG
  • Leadership
  • Business
  • World
  • Health
  • Succession
  • Innovation
  • Entertainment
  • Academic
  • Culture
  • Lastest
  • Lifestyle
  • Tech
  • Opinion
  • About《The Icons》
  • Login

© 2025 THE ICONS COLLECTIVE LTD. All Rights Reserved.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?