My statement on the outcome of #COP29: While the agreement reached at COP29 avoids immediate failure, it is far from a success. On the key issues like climate finance and the transition away from fossil fuels, this is — yet again — the bare minimum. We cannot continue to rely on last-minute half measures. Leaders today shirk their responsibility by focusing on long-term, aspirational goals that extend far beyond their own terms in office. To meet the challenge of our time, we need real action at the scale of months and years, not decades and quarter-centuries. This experience in Baku illuminates deeper flaws in the COP process, including the outsized influence of fossil fuel interests that has hobbled this process since its inception. The Kingdom of Saudi Arabia has been particularly obstructive. Putting the future of humanity at severe risk in order to make more money is truly disgraceful behavior. Reforming this process so that the polluters are not in effective control must be a priority. On climate finance, our primary task in the coming years must be to not only fulfill and build upon the financial commitments agreed to at COP29, but to unleash even larger flows of affordable and fair private capital for developing countries. Ultimately, coming out of COP29, we must transform disappointment into determination. We can solve the climate crisis. Whether we do so in time to meet the goals of the Paris Agreement will depend on what comes next.

Generation Investment Management’s 8th annual Sustainability Trends Report is out today. One finding: the scale of taxpayer subsidies for fossil fuels demonstrates that fossil fuel companies are way better at capturing politicians than at capturing emissions. Learn more here: str2024.generationim.com/

David Blood, my partner at Generation Investment Management, is absolutely right about what is needed to finance climate solutions: we must shift from incremental to transformational change. Check out his @TEDTalks conversation with Nili Gilbert here: ted.com/talks/nili_gilbert_a…