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carbon market and establishing a taxonomy of sustainable Before Belém, however, we have COP 29 in Baku,
activities. Azerbaijan, which is expected to be the COP of climate
finance, as one of the most urgent agendas will be to
The private sector has also played its part, and the ESG and set new targets for financing mitigation and adaptation,
climate agendas have become priorities for companies, and to operationalise the Loss and Damage Fund itself.
with pressure from various stakeholders for greater The climate transition should mobilise important public
ambition and, above all, transparency. and private financial resources, but we are still facing the
debate on who should pay for the transition of developing
For all these reasons, it is worth remembering some countries, which may extend to the COP in Brazil.
initiatives that bring the private sector together to
strengthen a bottom-up economy, such as the Brazoçoam We are at a pivotal moment: the effects of climate change
Business Council for Sustainable Development, which are already being felt – Belém and the Amazon Rainforest
brings together some of the largest companies in Brazil; itself are facing recurring droughts and temperatures that
the Net Zero Banking Alliance, created within the UN to can exceed 35°C – and countries and businesses are being
bring together financial institutions from around the world asked to step up their ambitions. It is a race against the
around decarbonisation; and the Glasgow Financial Alliance clock, and COP 30 is the moment to give this discussion
for Net Zero (GFANZ), created at COP 26, which recently the weight and relevance it deserves, and to put Brazil and
created a specific chapter for Brazil. Latin America at the forefront of this agenda.

Itaú Unibanco is carrying out these and several other www.itau.com.br
initiatives, and they are proof that the private sector
recognises that by acting together, companies have much
more power to drive the changes needed to stabilise the
rise in global temperatures.

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