COP28 is the 28th annual United Nations (UN) climate meeting, where governments discuss how to limit and prepare for future climate change. It is being held in Dubai, in the United Arab Emirates (UAE), from 30 November until 12 December 2023.
What is COP28?
The summit is crucial to avoid the most damaging impacts of climate change, according to the UN’s climate body, the Intergovernmental Panel on Climate Change (IPCC). The goal of COP28 is to help keep alive the goal of limiting long-term global temperature rises to 1.5C, which was agreed by nearly 200 countries in Paris in 2015.
With the increasing impact of climate change ever more evident, through record breaking temperatures and the increasing impact and frequency of extreme weather events like wildfires, floods, storms and droughts across our planet. Global consensus in addressing these issues has never been more evident.
COP28 holds substantial relevance for businesses. The decisions and agreements made during the summit will cascade down into national targets, laws, regulations, and policies. For instance, the UK Government’s legally binding net zero target and emission reduction commitments are the result of participation in COP summits. Businesses must pay attention, as the decisions made here will ripple into national policies and supply chains, impacting organisations of all sizes.
COP27 agreements and omissions
Held in Egypt last year COP27 here are the key agreements and areas that will require further work and agreement this year.
- Loss and Damage Fund – COP27 resulted in a historic decision to establish and operationalize a loss and damage fund for vulnerable countries hit hard by climate disasters.
Global Temperature Limit Commitment – Countries reaffirmed their commitment to limit global temperature rise to 1.5 degrees Celsius above pre-industrial levels. Despite this commitment, challenges remain in achieving ambitious climate goals.
Adaptation Progress – COP27 saw significant progress on adaptation, with governments agreeing on the way forward for the Global Goal on Adaptation. New pledges totalling over USD 230 million were made to the Adaptation Fund, helping vulnerable communities adapt to climate change. The urgency of adaptation efforts remains high, especially for vulnerable populations.
Nature-Based Solutions – COP27 recognized the importance of nature-based solutions to climate change.
– Twenty-one targets were negotiated at COP27, including:
– Protecting 30% of land and sea by 2030.
– Reducing the rate of introduction of invasive species by half.
– Reducing pesticides by two-thirds.
– Eliminating plastic waste.
COP27 made progress in critical areas such as loss and damage funding, adaptation and highlighted the critical role of biodiversity in addressing climate change, emphasized nature-based solutions, and set ambitious targets for nature protection, but faced challenges related to fossil fuels and climate finance.
How can business get involved?
- Sign up to the United Nations Race to Zero Campaign – The SBS Net-Zero Program requires sign up to the campaign
- Raise awareness – hold information days/events for your people, suppliers and customers highlighting the importance of the event and specific subjects each day. Keep an eye on the SBS social media channels throughout the conference for updates
- Share your journey and ambition – talking about the work you are doing, your ambition and challenges is a good way to relate to the conference and stakeholders and engage with your audience
- Join in with local and online events
What is expected from COP28?
COP28 marks the conclusion of the first global stocktake (GST), which assesses progress under the Paris Agreement.
- The world is not currently on track to meet the agreement’s goals
- Governments at COP28 are expected to come up with a roadmap to accelerate climate action.
- A timeline to end the use of fossil fuels
- Strengthened emissions reduction targets, a commitment to peak global emissions by 2025, and a plan to turbocharge the clean energy revolution are crucial outcomes.
COP28 aims to address urgent climate challenges and keep alive the goal of limiting long-term global temperature rises to 1.5°C, as agreed upon in Paris in 2015. The window for achieving this target is rapidly narrowing, making COP28’s discussions vital for our planet’s future.
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