Brazil implores businesses to attend major climate summit, despite 'second thoughts' amid Trump backlash

The Brazilian hosts of the biggest climate meeting of the year have implored businesses to attend in November, amid concerns some are backing away from the climate agenda into the shadow of Donald Trump.

In an interview with Sky News, Ana Toni, chief executive of the COP30 climate summit in November, admitted some companies were having "second thoughts" about the global switch to green economies because policymakers were creating uncertainty. The US President Donald Trump has been attacking wind farms and waging tariff wars that could slow the transition to green energy.

Banks including HSBC and Barclays have ditched a net zero alliance set up just four years ago by Mark Carney, now the Canadian Prime Minister. But even before Trump took office, tech companies were quietly dropping climate targets to prioritise energy-hungry AI, and other businesses were "greenhushing" their climate initiatives for fear of backlash.

In this environment, there are fears fewer business leaders will attend the annual talks, which are also being hosted in a city on the edge of the Amazon that hasn't enough hotel rooms. On Friday, the COP30 team wrote to business leaders urging them to "step forward, not back" and travel to Belem, despite "logistical challenges" and the "background of systemic uncertainty".

Ana Toni told Sky News: "We are very concerned that the enabling conditions must be there so that the private sector can also deliver where they do best, which is bringing in technology, bringing innovation and accelerating the process of decarbonisation." In August the share price of Danish wind farm developer plummeted after the US halted its Rhode Island wind farm, while the British Tories and Reform parties are also attacking net zero. But Ms Toni there is "nothing to panic [about], because we can see that the transition is inevitable," citing major progress in China, India and Europe and Brazil.

Referring to the US's withdrawal from the COP process, she said: "198 countries minus one is not zero. And we will put all our efforts of working with the 197 countries that want to go forward and want to protect their population." "Climate action is not only [still] cool, it is necessary," Ms Toni said.

"We all need to face reality. We are going through a huge climate crisis...

If you're not part of the solution, you're part of the problem. Companies understand that.".