Together, they discuss the critical agenda items facing world leaders and organizations as they gather to tackle climate change. From ambitious climate finance targets to bold resilience initiatives, Andy, Liza, and Marie break down the opportunities and challenges that lie ahead for a low-carbon future. They also unpack what a second Trump presidency means for climate policy—both in the U.S. and abroad.
Tune in for this timely discussion to understand what's truly at stake as COP29 shapes the future of climate action amid new geopolitical tensions.
On this week's episode of What's at Stake, Senior Partner Andy Whitehouse speaks with Marie Donnelly, Chair of Climate Change Advisory Council Ireland and Senior Advisor to Penta, and Director Liza McIntosh about what to expect from COP29—the 29th United Nations Climate Change Conference—which begins today in Baku.
Transcript
Andy Whitehouse: 0:06
Hello everyone, and welcome to this week's episode of What's at Stake. I'm your host, Andy Whitehouse, a senior partner here at Penta in New York, and I'm joined today by two very special guests to talk about what we can expect from COP29, the 29th United Nations Climate Change Conference, which starts today, November 11th, in Baku. COP29 is an annual meeting where countries, corporations, social sector organizations, and others gather to discuss global efforts to tackle climate change and advance toward a net-zero economy. It's one of the world's most significant gatherings for climate action, with plans negotiated and formally agreed upon between participating countries.
Given the urgency of climate action, COP29 is expected to spotlight geopolitical tensions, funding commitments, and technological innovations that could help shape a low-carbon future. Our wonderful guests today will help us unpack what's at stake for the global community.
AW: 1:15
Joining me in this conversation is Liza McIntosh, a director in Penta's New York office, who works with our clients across the climate and sustainability space. Liza is also currently on secondment to the Sequoia Climate Foundation, though she'll only be speaking on behalf of Penta in our conversation today. Liza recently addressed New York Climate Week at an event hosted by Teconomy and Worth Media Group, where she discussed, among other things, climate commitments and competitive sustainability. Welcome, Liza.
And we're also joined today by Marie Donnelly, a senior advisor to Penta, based in Ireland. Marie has over 30 years of experience working for the European Commission, most recently as Director for Renewables, Energy Efficiency, and Innovation. She currently serves as the Chairperson of the Climate Change Advisory Council in Ireland. Welcome, Marie, thank you.
Liza McIntosh: 2:07
Thanks, Andy.
AW: 2:08
Lovely to see you both, so let's get into the conversation. First of all, a question for Marie: What do you see as the primary goals, and maybe the world's expectations, for the COP29 meeting that's starting today?
Marie Donnelly: 2:23
Well, Andy, COP29 has been billed as a finance meeting. It's all about money. This isn't the first time COP has discussed finance. Back in Copenhagen some years ago, a target of $100 billion a year was set as a funding goal, though it was not met by the 2020 deadline. It was eventually reached in 2022. Now, there's a new goal, the "new collective quantified goal"—a simple and memorable name, as you can tell—targeting $1 trillion a year and increasing. It’s an enormous ambition and will be central to discussions at COP29. But it's not just about money; COP29 also has the responsibility of confirming agreements from previous COPs, like emission reductions.
MD: 3:19
It's critical at this COP for the ambitions of the 198 participating countries to be clearly visible. The new NDCs, or Nationally Determined Contributions, need to be submitted by February of next year as updates to previous targets, which, frankly, weren't sufficient to achieve the desired temperature control. We hope to see heightened ambitions this time, aiming to keep global temperatures under control. Another key priority is confirming previous COP targets, like increasing energy efficiency across activities and investing more in renewable and sustainable energy.
The good news is that, for the first time last year, investments in renewable energy surpassed those in fossil fuels. There will be significant discussions around new energy initiatives, including energy storage, hydrogen declaration, green digital action, and methane reduction from organic waste. These are practical, impactful issues from previous COPs to be expanded upon here.
MD: 4:46
A newer element—though not entirely new—is resilience, particularly concerning farmers, water quality and availability, ecosystems, and the human development skills needed to adapt to climate change. The location adds to the challenge, as COP29 is part of a series hosted by UAE last year, Azerbaijan this year, and Brazil next year. Some groups are hesitant about another COP in a petrochemical location. There’s also an expectation of lower attendance due to limited capacity, though Azerbaijan is working to encourage broader participation, especially from the Global South. So, there’s a packed agenda with tough discussions and negotiations ahead—fingers crossed for a positive outcome.
AW: 6:04
Wonderful. Thank you, Marie, for that terrific overview. Before I come to Liza, can you give our listeners a sense of what it's actually like at a COP meeting? What’s the structure, and how does it play out?
MD: 6:27
For anyone familiar with trade exhibitions, COP feels similar but with the addition of the "blue zone," where negotiators from all 198 countries gather almost all day. It’s a vast, closed room where delegates go through negotiation texts, even down to punctuation. This process can easily take the full two weeks and has previously extended by several days. There’s also the "green zone," which is more like an exhibition space with country stands, company booths, and NGO presentations. People gather here for discussions, thematic sessions, networking, and more casual meetings. And one essential item for COP? Comfortable shoes—there’s a lot of walking involved!
AW: 8:07
It sounds like a fortnight that tests the stamina of everyone involved. And speaking of stamina, Liza, we’ve just come to the end of an election year in many countries, including the recent election in the U.S. As you and I are both in the U.S., I’m interested in your thoughts on how this election might impact discussions in Baku.
LM: 8:50
Thanks, Andy. Many are questioning what a second Trump presidency could mean for climate policy domestically and internationally. Imagine the situation at COP where, as Marie mentioned, countries are literally sitting around tables discussing funding for climate action—and now, with this added uncertainty. The U.S., the world’s second-largest emitter, was supposed to present a new NDC plan to cut emissions. Trump has already stated he intends to exit the Paris Agreement again, which complicates things. What really stands out to me, Andy, is that COP29 was already losing steam with American leaders—neither President Biden nor Secretary of State Antony Blinken plan to attend. Major financial players like Bank of America, BlackRock, and Deutsche Bank are also sitting this one out.
AW: 10:07
Thanks, Liza. I imagine that the Europeans, especially EU institutions, will be well represented. How should our listeners think about the European Union’s approach to COP29 and its influence in the blue zone negotiations?
MD: 10:35
The EU recently held parliamentary elections, though the new college won’t be in place in time for COP29. It will be the outgoing commission attending, with a message anchored in the European Green Deal, which established almost 20 new legislative pieces to move Europe forward. Europe will certainly promote what it has achieved and present a united EU pledge. For example, our minister, Eamon Ryan, will chair climate resilience talks with Costa Rica. Europe aims to showcase sustainable competitiveness, which they believe can succeed without sacrificing economic growth. Europe has committed to global climate finance, contributing €23 billion in 2021 alone, largely to aid the Global South.
AW: 13:06
Thank you, Marie. Thank you, Liza. Let's take a quick break, and we’ll be back with more questions.
AW: 13:15
Hello everyone, and welcome back to What's at Stake, a Penta podcast. I’m here with Liza McIntosh and Marie Donnelly, discussing the COP29 meeting opening today in Baku. Liza, my next question is for you, if that’s alright. I wanted to ask about climate commitments and targets, and get your take on how much these matter if those setting them—whether they’re countries or companies—are struggling to meet them. What are some indicators we should watch for during the meetings over the next couple of weeks to gauge the success of COP29?
LM: 14:04
The World Economic Forum has identified four priorities for COP29, and tracking these closely will give us a sense of the summit’s progress. First is climate finance. There’s a term you might not have heard before—NCQG, which stands for the New Collective Quantified Goal. This sophisticated financial framework is what Marie referred to as the “finance COP.” The idea here is to define precisely how developed nations will fund climate action in developing countries after 2025. But even the core components are still up for debate.
LM: 14:55
The discussions cover target amounts, which countries should contribute, and what qualifies as climate finance. They’re aiming for a framework robust enough to work at scale while also being inclusive of developing nations and private sector perspectives. There’s another essential aspect here, too—ensuring everyone follows through, with mechanisms in place to track the money and verify it’s achieving its goals. The second priority is Article 6 of the Paris Agreement, which essentially sets the rules for carbon markets and how countries can collaborate on meeting climate targets. While they agreed on basic rules at COP26, they still need to finalize how these will work in practice.
LM: 15:45
Since COP26, two COPs have passed without significant large-scale deals between countries. Timing is critical because companies are facing more scrutiny over their climate commitments, with some even pulling back on big promises. A functioning carbon market within the UN framework is more important than ever. The third priority is the Loss and Damage Fund, which currently has pledges that are far smaller than the estimated global need. For the fund to grow meaningfully, a few things need to happen: they need to figure out private sector involvement, and determine how quickly money can reach affected countries in the wake of climate disasters, ideally without bureaucratic delays.
LM: 17:16
The fourth priority is adaptation, which focuses on helping countries cope with the effects of climate change already occurring. Adaptation is often overshadowed by mitigation, but it’s vital as climate impacts worsen. COP29 is an important chance to prioritize adaptation and secure resources for it.
AW: 17:16
Thanks, Liza. That sounds like a daunting agenda for the next two weeks, with simultaneous challenges on each of the four fronts you described. So, as we think about that extensive agenda, many of our listeners—who work inside corporations or social sector organizations—might be wondering, “What does this mean for me and my organization?” For a final question, I’d like to hear from you both—Marie and Liza—on what you think COP29 could mean for a typical corporate client of Penta. How will COP shape how corporations approach sustainability, the net-zero economy, and the larger climate challenges ahead?
MD: 18:19
Maybe I could start, Andy. While Liza outlined high-level government negotiations, let’s bring it back to the corporate level. Many large companies have published sustainability commitments, with some even targeting net-zero by 2030 or similar milestones. But there are real changes on the horizon that will impact companies practically. One significant development is the new Corporate Sustainability Reporting Directive in Europe, which will require companies—especially large ones—to detail climate risks and opportunities annually. Not only must they outline how climate change affects them, but they also have to explain their own impact on the climate, which is a challenging question.
MD: 19:55
Another key factor is the rising concern from the financial and insurance sectors about the material risks posed by climate change. It’s not just about future business directions but about immediate, critical risks. This includes potential threats to infrastructure, such as floods or storms that could disrupt production. Banks and insurers want to know how companies plan to mitigate these risks. It’s an inside-out approach, looking both at external threats and internal actions.
LM: 20:52
Adding to Marie’s point on climate risk disclosure, many companies have headquarters or supply chains in developing economies. These companies need two things: they need these countries to shift away from fossil fuels relatively soon, and they need them to be able to manage climate impacts that are already happening. One final point—the funding for emissions reductions, known as mitigation finance, can actually create ripple effects for businesses. When developing economies build better power grids and shift to renewable energy, companies can benefit from reduced costs and find it easier to meet their climate commitments.
AW: 21:38
Wonderful. Thank you so much, Marie and Liza, for this incredibly informative briefing on what is arguably the most important conference in the world this year. I can't think of a more pressing topic, and I’m so grateful for the work you’re both doing to address the impacts of climate change.
A huge thank you to our producer, Jennifer Lee, for making today's podcast possible, and thank you to our listeners. Please remember to like and subscribe to What's at Stake wherever you listen to podcasts. You’ll also find us on LinkedIn at Penta Group. I’m your host, Andy Whitehouse, coming to you from Penta’s office in New York, as always. Thanks for listening to What's at Stake, and we’ll see you soon.