COP29: “Business voices are driving change”

At COP29, Annika Ramsköld joined policymakers and industry leaders to address the pressing challenges of climate change. Her impressions are hopeful, yet clear-eyed about the urgent work that remains.

“The train has left the station,” says Annika Ramsköld, Vattenfall’s Head of Sustainability, reflecting on her experience at COP29 in Baku this past week. “Businesses are not only on board—they are key drivers in setting the course toward a fossil-free future. Their voices matter now more than ever, providing critical incentives for decision-makers to stay the course, even in a turbulent geopolitical landscape.” 

Businesses must lead the way

Throughout the sessions, one recurring theme was the unique power of businesses to drive decarbonization. 

“Political landscapes may shift, but businesses are steady,” Annika Ramsköld explains. She emphasizes that business voices inspire politicians to act, even amid geopolitical uncertainties like elections in the U.S. and Argentina.

She highlights that global renewable capacity is not just growing in Europe but also flourishing in China, India, and other key markets worldwide. At the conference, she stressed that the transition must be just and equitable, embedding human rights and sustainability not only in the outcomes but throughout the entire production chain, which must also be fossil-free. 

“After raising these points in discussions, I was encouraged to see them echoed by delegates throughout the week. I felt there was a shared recognition of their importance for achieving a just and competitive energy transition," she says.

From collaboration to action

Annika Ramsköld’s schedule at COP29 was packed, from high-level discussions with the World Economic Forum to sessions on scaling demand for clean technologies. Among her key messages was the need for holistic collaboration across industries and nations. One standout example Annika shared was Vattenfall’s partnership Hybrit together with SSAB and LKAB to produce fossil-free steel using fossil free electricity and hydrogen. 
“These breakthrough technologies need support from both policymakers and investors to scale globally,” she explains. The First Movers Coalition, where Vattenfall was one of the founding members and plays an active role, exemplifies how cross-industry collaboration can create demand for low-carbon materials and transport. 
Annika Ramsköld highlighted the need to tackle key barriers to the energy transition, including simplifying permitting processes and de-risk investments. Here public procurement can play a key role as well as using Power Purchase Agreements (PPAs) with governments stepping in to manage credit risks when needed. 

“We must create the right conditions for investments to scale,” she explains. She also called for greater public acceptance of renewable infrastructure—whether wind farms or electricity grids—near communities to enable decarbonization and job creation.

For Annika Ramsköld, collaboration must extend beyond technology: At the Green Skills session, she advocated for reskilling and upskilling to prepare the workforce for a low-carbon economy. 

“The transition is not just about technology. It’s about people,” she says, citing Vattenfall’s initiatives, including an unconventional Swedish reality show “Högspänning” aimed at attracting people to the energy sector and inspire young students to become engineers.

Challenges remain, but progress gives hope

While optimistic, Annika Ramsköld acknowledges the challenges ahead. The current national targets and policies are not enough to reach the 1.5-degree goal , and insufficient carbon pricing mechanism and slow permitting processes threaten progress. 

“We need carbon pricing that puts the true price on emissions and covers all emissions, the subsidies of fossil fuels must be removed, and we need clear mechanisms to de-risk investments. "

Yet, COP29 demonstrated inspiring progress. Nations like Uzbekistan are targeting 40 per cent renewable energy by 2030, and the UK is on track, has already more than 50 per cent renewable electricity and a target to reduce GHG emissions by 81 per cent by 2035. These examples, combined with the proactive role of businesses like Vattenfall, show that the global transition is achievable and keep the 1.5 degree target alive.

Caption: LeadIT (Leadership Group for Industry Transition) brings together countries and industry (cross sector) experts to achieve net-zero emissions from heavy industries. At COP29 State secretaries, industry and government representatives from Inda and Sweden met

A call for optimism and action

For Annika, COP29 was about more than negotiations—it was about amplifying the business voice and inspiring action. “The train is moving towards decarbonization,” she concludes. To maintain momentum, she stresses the need for businesses to actively engage with media, policymakers, and the public to share hopeful stories of success and highlight what’s possible.

"Do we have a voice that counts? Absolutely." Annika concludes, emphasizing the need to continue engaging businesses, inspiring nations, and promoting a full-picture narrative in the media—not just one focused on setbacks and polarizing debates.