Climate Bonds CONNECT2024 brought together over 400 leaders, innovators, and experts from across the globe to discuss the issues and opportunities presented by the transition to a net-zero world. From the launch of new criteria for credible investment in agriculture to an emphasis on the importance of building resilience, the day laid out ways that the sustainable finance community can facilitate climate action with speed and scale.
Recordings are available now on Climate Bonds YouTube channel.
The speakers and attendees in London set a vision for accelerating and scaling climate finance, driving sustainable investment to meet the urgent needs of a warming planet. The conference highlighted how global systems can be reimagined to quickly channel vast financial resources toward transition goals, preserving a livable planet and adapting to the changes to come. From innovative green investment frameworks to resilience-focused financing, the event called on stakeholders to match the speed of investment with the monumental scale needed to create a climate-ready future.
“It’s more critical than ever for us to think globally, for us to think internationally, for us to think as a species about our stewardship of the planet.”
-Sean Kidney
Speed and Scale
Sean Kidney, CEO of the Climate Bonds Initiative, set the tone for the event by stressing that climate change is a global problem that requires global solutions. He called for urgent preparation for the inevitable impacts of climate change. Sean highlighted the expansion of the Climate Bonds Taxonomy into resilience investment which aims to help the world prepare for and adapt to a changing and volatile world.
Torsten Albrecht, Principal Investment Officer at AIIB, echoed these sentiments, explaining how AIIB is scaling up its climate finance efforts, aiming to have 50% of its projects aligned with climate goals by 2025.
Transition Opportunities from Corporates to Countries
The day’s first session explored how countries and corporations can capitalise on the transition to net zero. Kingsmill Bond of RMI described the ongoing cleantech revolution as “the greatest technology shift of our time.” Bond emphasised that fossil fuel demand is nearing a sharp decline as renewable energy continues to rise. He noted that the shift of capital from the old energy system to the new is already happening, which means that stranded assets pose a significant risk for fossil fuel companies. The panel also discussed Japan's Green Transformation (GX) plan. Hideki Takada from Japan’s GX Acceleration Agency explained how the country issued the world’s first sovereign transition bond, setting an example for other nations as they set their own paths to net zero.
Stranded Assets and the Role of ‘Bad Banks’
Magali Van Coppenolle, from Climate Bonds Initiative, explained the growing risk of stranded assets across sectors like the steel industry, which could lose up to $400 billion in value. Without addressing the necessary changes, upgrades, and phase-outs in these industries, investors will be left with billions in unusable, unsustainable assets. “The choice here,” Van Coppenolle said, “is between an orderly phase-out of these assets and a disorderly phase-out.”
Interoperability in Climate Finance
This session, led by Climate Bonds Director of Thought Leadership Anna Creed, focused on the importance of interoperability — ensuring that financial and regulatory frameworks work in sync across regions. Louise Gardiner from IFC stressed the importance of making taxonomies comparable across regions, to facilitate better investment decisions. Malika Takhtayeva, Sustainable Fixed Income Lead at BNP Paribas, stressed that the local context matters — especially when it comes to the day’s other theme: adaptation and resilience.
Innovating for Resilience
A key focus of Climate Bonds CONNECT2024 was resilience — ensuring that our economies, infrastructure, and institutions are ready to address the changes and challenges of a volatile climate.
The expanded Climate Bonds Resilience Taxonomy can provide clarity and guidance for investments in resilience and adaption measures. Learn more at https://www.climatebonds.net/resilience.
Kosintr Puongsophol from the Asian Development Bank took the stage for an On-Switch session to discuss the economic growth in Southeast Asia. Addressing climate-resilient infrastructure in the region, he said, is crucial in the global fight against climate change. Southeast Asia remains a critical region where the climate battle will be won or lost, and a key part of that battle lies in addressing the climate-resilience infrastructure financing gap.
Ujala Qadir of Climate Bonds moderated a discussion on how proven models can be scaled up to catalyse the $3 trillion opportunity in climate finance. The panelists explored how climate change is already impacting lives globally, with real-world examples like the recent hurricane Helene in Florida. The session stressed the importance of scaling up adaptation efforts to safeguard communities and economies. While public sector financing is insufficient to meet the capital requirements alone, there is more than enough private capital in the world to fund the necessary transition to more resilient societies. We simply need to get it flowing in the right direction.
Growing Greener: New Criteria for Crop and Livestock Production
“This transition needs to be sustainable, it needs to be resilient, and it needs to be just.”
- Rachel Hemingway
The conference also marked the launch of the new Crop and Livestock Criteria, facilitating credible investment in the agriculture industry. Reyes Tirado, who led the development of the criteria, emphasised the need for the agricultural sector to rapidly decarbonise and build a more resilient industry.
Crop and livestock production accounts for over 70% of global food chain emissions. The Agriculture Production Criteria offer a robust framework to help mitigate these emissions, identifying agricultural practices that can align with global sustainability frameworks such as the Paris Agreement and the Kunming-Montreal Biodiversity Framework as well as support the Global Methane Pledge.
Financing Nature-based Carbon Capture
Stuart Clenaghan presented the opportunities for Sustainable Land Bonds to finance nature-based carbon capture and storage, turning climate action into an economic opportunity rather than a cost. Clenaghan emphasised the importance of credible plans, independent monitoring, and bilateral trade negotiations in achieving these goals.
Transparency and Reporting in the GSS Bond Market
The final session of the day focused on transparency and reporting within the Green, Social, and Sustainability (GSS) bond market. Torsten Albrecht stressed that the right regulations and incentives are key to success. As transparency improves for investors and issuers, the path to a net-zero economy becomes clearer.
Learn more about how clear reporting and science-based standards can mobilise capital toward ambitious mitigation and resilience investment at https://www.climatebonds.net/certification
Final Remarks
Climate Bonds CEO Sean Kidney wrapped the day by reflecting not just on the conversations at the conference, but on how the conversation about sustainable finance has changed over the past ten years. We’re no longer just talking about the challenge and the cost, but instead about the tremendous opportunity that the global transition presents. But to seize that opportunity, we have to move fast.
“The shape of the future is clear,” Sean said, “it will be green. Now, it’s only a matter of speed.”
If you missed our CONNECT24 conference in London, don’t worry! Recordings of the sessions are available on the Climate Bonds YouTube channel.
