COP29 Reflections: Q&A with Alberto Carrillo Pineda and Tracy Wyman

Since 1995, the United Nation’s Climate Change Conference of Parties (COP) has brought together government, business, academic and civil leaders from around the world with a singular focus: to limit climate change and mitigate its worst effects. COP3 produced the Kyoto Protocol, the first international agreement aimed at curbing developed countries' greenhouse gas emissions. The Paris Agreement was codified at COP21 in France, creating a legally binding agreement between 198 countries.

This year, COP29 focused on boosting climate finance to developing countries – one of the Paris Agreement pillars. The SBTi’s Alberto Carrillo Pineda, Chief Technical Officer, and Tracy Wyman, Chief Impact Officer, who both attended COP29, share their insights on critical take-aways from this year’s conference.

Alberto, you’ve attended several of these conferences. In your opinion, what makes COP meaningful for increasing global climate action?

Each COP is a critical opportunity to continue building the economic, political and social capital needed for meaningful climate action. It provides a platform for actors with diverse perspectives to come together and contribute towards the most pressing collective challenge of our time.

While each COP presents its own challenges—be it the complexities of international negotiations, financial or technological bottlenecks—highlighting these obstacles offers a unique chance to address them and strengthen the international frameworks needed to drive greater ambition.

Tracy, what about you? Any specific takeaways from this year at COP29?

I agree with Alberto that COP represents a moment each year for all attendees to lay their cards on the table and confront the reality of climate change.

While there are differing opinions on whether this COP achieved its goals, what stood out to me in my conversations with business representatives, other standard setters and civil society organizations was the heightened sense of urgency and a stronger appetite for cross-sector collaboration. It’s clear that we are rapidly running out of time to reduce emissions, and this realization is driving a deeper commitment to collective action.

Turning a bit broader now – Alberto, what did you hear at COP29 about the role of the private sector in helping align finances with global climate goals?

Both businesses and financial institutions (FIs) play a critical role in aligning financial flows towards net-zero. A personal takeaway from COP29 is that while momentum has continued to grow among financial institutions, it’s not yet at the scale needed. These organizations must lead the way to a net-zero economy by setting science-based targets and working with portfolio companies to accelerate their decarbonization. Our Financial Institutions Net-Zero Standard, scheduled for launch in 2025, will provide a critical guide for financial institutions through this process.

Corporations also play a significant role in aligning financial flows to the global climate goals through their spending on operations, procurement, and capital allocation. Like FIs, setting science-based targets enables them to determine their decarbonization needs and direct investments toward areas that help limit global warming to 1.5°C.

Speaking of the 1.5°C target, it’s been a hot topic this year, with many debating if 1.5°C should continue to be the north star to guide climate ambition. Alberto, what’s your takeaway on this after your discussions at COP29?

I’ve heard these discussions myself, and I personally believe that they are misplaced. The reality is that 1.5°C is a line in the sand established by scientific consensus based on the numerous and in some cases irreversible impacts on the most vulnerable across our planet. While keeping warming within this limit is a significant challenge, dealing with the impacts of crossing this threshold can be even more challenging.

When actions aren't enough to meet the 1.5°C goal, the focus should be on removing obstacles and speeding up progress, not abandoning the goal that was set for important reasons.

Tracy, your thoughts?

I completely agree that we cannot abandon 1.5°C. The consequences of inaction won’t go away just by moving the goalposts.

One thing I noticed at COP29 was that conversations were much more constructive when we talked about the concrete steps we can take to achieve our collective goals, rather than getting stuck in the weeds of abstract conversations about how achievable 1.5°C is. So, following the conference, I think it’s time to start spelling these out as clearly as possible: whether that’s phasing out fossil fuels – as the SBTi is driving forward with our soon to be finalized Financial Institution Net-Zero Standard – or stopping deforestation and committing to ecosystem restoration – as stipulated and recommended respectively in our Forest, Land and Agriculture Science-Based Target-Setting Guidance.

Next year’s COP30 will follow governments across the world releasing their updated Nationally Determined Contributions (NDCs). Alberto, what connection do you see between NDCs and private sector science-based targets?

Setting science-based targets sends a signal to actors outside the world of business that the private sector is committed and capable of taking the bold action needed to align with global climate goals.

I believe that as more companies set science-based targets, it will increase the likelihood that updated NDCs (Nationally Determined Contributions) are also grounded in science. This ties into our theory of change—where ambitious action from the private sector drives stronger policymaking, which in turn fuels even greater private-sector action, creating a continuous cycle of progress. The benefit to business is that they can lead the best practice, shield themselves from rapidly evolving regulations by being active participants, all while driving competitive advantage.

Tracy, after reflecting on all the events you attended and conversations you had at COP29, what would be your one ask of climate-conscious businesses?

Beyond setting a science-based target, I would ask companies to collaborate. Work with your peers and competitors. Figure out common barriers to achieving high-ambition climate action and how collective approaches can address them. And where sector-level action isn’t sufficient, work with a unified voice to advocate for more ambitious climate policies.

If you’d like more information on how to set an ambitious, credible climate target, please visit our SBTi Services page.