The COP28 Business & Philanthropy Climate Forum, hosted in Expo City, Dubai, marks a pivotal moment in global climate action, bringing together over 70,000 participants, including Heads of State, government officials, CEOs, philanthropists, and various stakeholders.
The event, graced by His Highness Sheikh Mohamed bin Zayed Al Nahyan has set the stage for meaningful dialogues and actionable strategies in the fight against climate change as we enter the last month of the year.
Under the COP28 Presidency of Dr. Sultan Al Jaber, the Forum emphasizes the critical role of business and philanthropy in addressing climate challenges. The ‘Showcase Compendium of Collective Action’ detailed key initiatives aligned with the COP28 Action Agenda’s pillars: Energy Transition, Climate Finance, People & Nature, and Inclusion. These initiatives showcase innovative strategies for achieving net-zero emissions, reversing nature loss, and restoring biodiversity.
Notable programs include a Blended Finance Vehicle for climate projects in emerging markets, the Climate Investment Platform, and the Indigenous People’s Outcome, focusing on direct financing for Indigenous communities. The First Movers Coalition pledged to purchase clean technology products, supporting decarbonization in high-emitting industries.
Badr Jafar, COP28 Special Representative for Business and Philanthropy, highlights the shift towards a green transition, emphasizing the need for trillions in investment. In addition, Jennifer Jordan-Saifi of the Sustainable Markets Initiative echoes the sentiment, calling for aligned country, industry, and financial roadmaps to seize a sustainable future.
Strategic partners like the Sustainable Markets Initiative (SMI), IFC, OECD netFWD, WEF, and others are playing crucial roles in delivering the Forum. The event has set a precedent for future COPs, demonstrating the UAE’s commitment to inclusive, pragmatic climate action, and a global energy transition that leaves no one behind.
We hope that as COP28 progresses, focus would be on a comprehensive evaluation of progress against climate goals. The Forum’s impact resonates beyond its conclusion, should pave the way for continued collaboration, innovation, and accelerated action in the global fight against climate change.