The COP31 Business Forum is a private-sector collaboration platform led by the Union of Chambers and Commodity Exchanges of Türkiye (TOBB) and linked to the COP31 Action Agenda. The forum provides a channel for the private sector to engage with the COP31 Presidency and aims to turn climate priorities into concrete actions, business initiatives and policy recommendations.
“As COP31’s Global Banking Partner, we will contribute our financing and advisory expertise, backed by concrete examples of solutions for our clients. We want to help strengthen public-private dialogue and identify financial mechanisms that can mobilize capital for the energy transition, turning climate ambition into action,” says Javier Rodríguez Soler.
As co-chair, Javier Rodríguez Soler will help set the working group’s strategic direction and priorities, engage its members, and present its conclusions to the COP31 Presidency and other stakeholders.
Three focus areas in climate finance
The Climate Finance and Investments Working Group will focus on three areas:
- De-risking to mobilize private capital. The working group will examine ways to address risks that can hold back investment, including policy uncertainty, currency exposure, a shortage of bankable projects, transaction costs and limited data availability. Tools under consideration include guarantees, blended finance, mechanisms for managing foreign-exchange risk and project aggregation.
- Developing carbon markets, with a focus on the conditions needed to improve their predictability, integrity and ability to mobilize finance. The working group will examine issues including price signals, rules governing carbon credits, market infrastructure and project-finance mechanisms.
- Financing climate resilience, adaptation, and loss and damage. The work will explore ways to develop investable projects, finance measures to mitigate physical risks, put financing in place before certain events occur, and support post-event recovery.
The COP31 Business Forum has seven working groups focused on industrial decarbonization; climate-resilient cities; electrification and energy transition; food and water security; climate finance and investments; climate technologies and artificial intelligence; and SMEs and emerging economies.
BBVA, Global Banking Partner of COP31
On July 27, BBVA announced that it would serve as the Global Banking Partner of the United Nations Climate Change Conference (COP31), to be held from November 9 to 20 in Antalya, Türkiye. Through this partnership, the bank will work alongside the COP31 Presidency and the United Nations to continue mobilizing finance for the energy transition and accelerate the rollout of solutions for a low-carbon economy.
Source: www.bbva.com
