Quotes from ITC Executive Director Pamela Coke-Hamilton on COP29

Azerbaijan formally assumes the COP29 Presidency and the 61st meeting of the Subsidiary Bodies begins

COP29 day one (11 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'As the UN Climate Change Conference (COP29) kicks off in Baku, Azerbaijan, climate finance is at the top of everyone’s mind. Amounts in the trillions of dollars for developing countries are being floated. 

What we need to see is the big figures and big commitments translated into capital in the pockets of businesses, especially small businesses, which make up 90% of all businesses worldwide and account for 40% to 60% of emissions. Small businesses – from textile producers to tourism company owners – need that capital to adapt to the effects of climate change and to “green” their processes. Their action – or inaction – matters.'

On World Leaders Summit / high-level kick-off

COP29 day two (12 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'Climate finance is at the heart of what small businesses want and need from the UN Climate Change Conference (COP29). We’ve heard this time and time again.  

An agreement on a new financial target is the starting point. We have to think through the practicalities of how to leverage and distribute those trillions of dollars, and what mechanisms to set in place so they reach the “last mile”, especially small businesses in countries like Bangladesh, Belize and Burundi. Small businesses – which make up 90% of all businesses worldwide – are fighting to adapt to rising temperatures, drought and floods, with limited time and resources. They’re just trying to stay afloat.  

At the end of the day, we need capital in the hands of small businesses of developing countries if we want to see tangible climate action.'

On supporting small businesses of small island developing states to achieve sustainable development

COP29 day three (13 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'Small island developing states bear the brunt of the effects of climate change. They did the least to create this climate crisis and yet are among those hardest hit by its effects. They don’t have the time or resources to act, as we saw with Hurricane Beryl earlier this year.

That’s why we’re signing an agreement with the PVBLIC Foundation today, to collaborate with the Foundation and its soon-to-be established Development Bank for Resilience Prosperity, to support small island developing states with sustainability and climate change actions and other priority areas, such as data and knowledge sharing, impact investment and technology transfer.'

On SME Declaration

COP29 day three (13 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'Today, we at the International Trade Centre partnered with the Small and Medium Business Development Agency of the Republic of Azerbaijan (KOBIA) and the Brazilian Support Service for Micro and Small Businesses (SEBRAE) to sign the Baku Climate Coalition for SMEs Green Transition Declaration. This Small and Medium-sized Enterprises (SME) Declaration, the first of its kind, was formally handed over to H.E. Mukhtar Babayev, the Minister of Ecology and Natural Resources of Azerbaijan and COP29 President-Designate. 

The Declaration reflects the commitment of the current and incoming climate COP Presidencies, and our commitment, and to advancing the green transition with small businesses, which account for 90% of all businesses and up to 60% of emissions.  

The Declaration calls for global collaboration to support small businesses in their shift to sustainable business models. Small businesses, vital to global economic growth, face barriers in accessing finance, technology and knowledge. The Coalition commits to raising awareness, enhancing capacity building, improving access to green finance and fostering innovation to help SMEs adopt sustainable practices. It emphasizes South-South cooperation and bioeconomy solutions, aiming to integrate SMEs into green supply chains and facilitate their transition to net-zero emissions.  

This declaration now forms part of the Baku Initiative for Climate Finance, Investment and Trade (BICFIT), co-led by UN Trade and Development, United Nations Development Programme, World Trade Organization, ITC and other partners. The third pillar of BICFIT focuses on empowering SMEs to drive climate action and fostering the inclusion of micro, small and medium-sized enterprises, especially women-owned businesses, in national climate plans.  

We at ITC will coordinate the SME Green Transition component of BICFIT, which includes convening key business support organizations as founding partners and developing the governance structure for the Coalition.  

KOBIA and SEBRAE will work to bring the SME agenda to the COP Presidencies Troika, so small businesses can be brought to the core of the COP30 Presidency agenda.'

On NDC guidelines: 

COP29 day three (13 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development:

'Countries are now updating their national climate plans or Nationally Determined Contributions. For “NDC 3.0” to serve their purpose – to get everyone involved in tangibly curbing emissions – these climate plans have to reflect the insights of small businesses, which make up 90% of businesses worldwide.  

Not only because small businesses know the realities of making the green transition, and not only because they make up the bulk of suppliers along global supply chains and account for up to 60% of emissions, but because they are willing to be part of the solution. And when they act, we can see a difference.  

For example, nearly 60% of surveyed African firms said that greening their enterprise led to new, higher-quality products, access to new markets and lower input costs.

Our new NDC guidelines offer countries five key steps to take to include small businesses in their policymaking. We at the International Trade Centre are ready to support countries – especially developing and least developed countries – in making this next round of national climate plans more ambitious than before, yet both practical and achievable.'

On BICFIT: 

COP29 day four (14 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'Today’s launch of the Baku Initiative for Climate Finance, Investment and Trade, called BICFIT, is a step in the right direction to ensure small businesses of developing countries have the information, skills and importantly, the financial resources they need to adapt to and mitigate the effects of climate change.  

Climate finance and trade are two sides of the same coin, with financing being key to enabling small businesses to grow and export in a more sustainable way. Trade – when done sustainably – can support more efficient use of resources, reduce waste and lower costs to access green tech, including for small businesses of developing countries.  

We know investing in small businesses to “go green” works: Nearly 60% of African firms we surveyed said that greening their enterprise led to new, higher-quality products, access to new markets, and lower input costs. 

We look forward to continuing to engage with the COP Presidency and partners to support small businesses of developing countries to tap financing, so they can take climate action.'

On renewable energy report: 

COP29 day five (15 November 2024) statement by Pamela Coke-Hamilton, Executive Director of the International Trade Centre (ITC), the Geneva-based agency of the United Nations and the World Trade Organization mandated to support small businesses of developing countries to trade, to achieve sustainable development: 

'Trade is part of the solution to climate change. It can help speed up the spread of renewable energy. This matters because the energy sector is the largest contributor to man-made emissions, responsible for around 75% of the total.  

Lowering tariffs helps deploy renewable energy technologies by making them more affordable for developing countries to import, while also providing them with the opportunity to produce and export value-added products, supporting their socioeconomic development.  

Take Viet Nam, for example, which by keeping tariffs low for the import of renewable energy parts, boosted its exports of photovoltaic modules from $113 million in 2013, to $6.9 billion in 2022.   

Our new report on renewable energy highlights policy recommendations to speed up deployment, including by leveraging trade agreements to promote foreign investments in the sector, prioritizing the building of quality infrastructure and using market intelligence to inform sector development for green goods and services.'