On Day Four of COP29, financial heavyweights managing $10 trillion in assets committed to a unified push for climate action, signaling a pivotal alignment of private capital with climate goals.

The announcement came as over a thousand leaders in business, finance, and philanthropy gathered at the Business, Investment, and Philanthropy Climate Platform, organized by the COP29 Presidency.

The coalition aims to mobilize vast resources to mitigate climate change and accelerate investment in climate-focused markets.

Hosted by COP29 and Azerbaijan’s Ministry of Economy, the event underscored the need for business participation in climate action.

“We need to create an ecosystem for businesses where the climate agenda is not only ambitious and mandatory but also practical and achievable,” said Nigar Arpadarai, the UN Climate Change High-Level Champion, in a statement.

In tandem, the Asian Development Bank launched a $3.5 billion program targeting glacier melt impacts in Central Asia, the South Caucasus, and Pakistan, where glacial recession threatens water security and agriculture.

With backing from the Green Climate Fund, the “Glaciers to Farms” program will conduct critical glacier risk assessments to underpin sustainable water and food security investments for vulnerable communities.

Azerbaijan also advanced its green agenda, as the Azerbaijan Banks Association pledged $1.2 billion for sustainable projects through 2030 following the Central Bank’s introduction of a green investment taxonomy.

Sweden contributed $730 million to the UN Green Climate Fund, raising its total COP29 climate pledge to $749 million to aid low- and middle-income countries with adaptation and emissions reduction projects.

Another significant initiative launched was the Baku Initiative for Climate Finance, Investment, and Trade Dialogue.

Supported by prior and upcoming COP leaders, multilateral banks, and climate funds, BICFIT aims to foster alignment and continuity in climate finance, investment, and trade across COP agendas.

“The COP29 Presidency’s plan is based on two pillars: enhancing ambition and enabling action,” said Mukhtar Babayev, COP29 president. “Through the BICFIT platform, we are bringing key partners together to unlock essential funding.”

Achim Steiner, co-leader of the BICFIT initiative, called for systemic change in global finance to support vulnerable nations, noting, “We require a major shift in public and private finance, domestically and internationally.”

UNCTAD’s Rebeca Gryspan, another BICFIT co-leader, added that developing nations will need $1.1 trillion annually by 2025, with $900 billion from external sources. She noted that the BICFIT platform “aligns trade, investment, and finance with climate goals, making coordinated efforts more cost-effective and supportive of sustainable development.”

Through collective efforts like BIPCP and BICFIT, COP29 aims to build on Article 6 advancements and other negotiations to meet ambitious climate finance goals, underscoring the critical role of unified global action toward a sustainable future.