Leaders discuss the private sector’s role in the first global stocktake for climate

On day 5 of the official COP28 program, the United Nations Framework Convention on Climate Change (UNFCCC) held a high-level session to discuss the crucial role that the private sector along with innovation and technology must play in the implementation phase after the first Global Stocktake that was revealed at COP28.

The high-level session convened discussants including Anna Kruip, UN Global Compact; Jason Williams, Citibank; Sarah Penndorf, Google; and Leen Govaerts, VITO, to highlight the contributions of the private sector in terms of research and development, technology innovation, inclusive financial instruments, and collaborative approaches in the first Global Stocktake process.

In a keynote speech to open the session, Badr Jafar, COP28 Special Representative of Business & Philanthropy and CEO of Crescent Enterprises, highlighted the pressing need for the private sector’s active engagement in the COP process, stating: “As the COP28 Presidency continues to emphasise, we are clearly not where we need to be in our collective ambition to keep 1.5 Celsius within reach, and we must act decisively to get back on track.  And this can only happen if business and philanthropy stakeholders play a much bigger role in achieving the ambitions set out in the Paris Agreement.”

Badr Jafar, who chaired the COP28 Business and Philanthropy Forum, further commented: ‘The one message heard consistently during the COP28 Business & Philanthropy Climate Forum, was that the private sector is ready and exited to become a lot more deeply engaged in the COP process. Our objective now must be to harness more of this energy and enthusiasm, and the private sector’s infinite capacity to innovate, and convert it into tangible, targeted and large-scale action.”

The COP28 Business & Philanthropy Climate Forum saw the attendance of over 1,300 CEOs from 106 nations, representing the full spectrum of industry from energy to fashion, and agriculture to space. $5 billion in new private capital commitments across the action agenda were announced during the 64 sessions held over two days of the Forum.

The first Global Stocktake process witnessed the invaluable participation of the private sector, showcasing businesses’ contribution in reducing emissions, enhancing resilience, and providing support for climate action. Recognizing the need for mass innovation and cutting-edge technologies to achieve the Paris Agreement’s goals on time, enabled by policies to rapidly scale up solutions, business and philanthropy’s role in accelerating transformative climate action is more essential than ever.

This high-level session showcased practices and lessons learned from the private sector, shedding light on their progress in advancing the Paris Agreement’s goals. It also explored opportunities for enhanced action to bridge the implementation and ambition gaps, fostering collaborative efforts between governments, businesses, and investors.

About Business & Philanthropy Forum

Under the chairpersonship of the COP28 Special Representative for Business and Philanthropy, Badr Jafar, the first of its kind Business & Philanthropy Climate Forum (BPCF), ran alongside the COP28 World Climate Action Summit with Heads of State and Government from 1-2 December 2023 in the Blue and Green Zones.

Read more: www.bpcforum.org

About COP28 UAE:

  • COP28 UAE will take place at Expo City Dubai from November 30-December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
  • As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
  • The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.