Business and philanthropy crucial to meeting climate goals, says COP28 official

Dubai: Incorporating business and philanthropy in climate action is crucial to achieving net-zero targets by 2050 and $3-4 billion in climate funding a year, COP28 special representative for business & philanthropy Badr Jafar told Mint in an interview.

He said the COP process hasn’t been as effective on implementation as it has been on pledges and declarations because “business has not been properly engaged in the process”.

“We’ve had 27 years of COP, and in the last 27 years, emissions have gone up 50%. The process is not working in the way we need it to work. So, we need to look at a paradigm shift in how we get all stakeholders to engage – not because they are being forced to do so, but because they accept that it’s in their enlightened self-interest to engage, to act and to deliver. That’s why the motto of COP28 is ‘unite, act and deliver’,” he added.

“I believe the private sector, including philanthropy, holds the greatest promise to accelerate the accomplishment of our climate and nature global goals. The authentic inclusion of business is no longer optional because business can provide the all-important connective tissue between COP presidencies,” Jafar said.

“The constant failure of many nations to abide by their climate-finance pledges is another reason that we can’t simply rely on pledges. This disconnect is a killer to a process like COP. This is where business and philanthropy needs to come in,” he added.

This year’s United Nations Climate Change Conference or COP28, under the presidency of the UAE, introduces the Business and Philanthropy Climate Forum, chaired by Jafar, for which over 1,300 world leaders with gather at the summit on Friday and Saturday.

Sectors ranging from food and agriculture to space, fashion and energy will be represented. The attendees will look at targeted solutions to accelerate technology transfer, de-risk green investments, enable effective investments for nature conservation, and enable climate startups, among other things.

“The overall requirements for achieving net-zero targets by 2050 are colossal. About $3-4 trillion of climate funding is required every year. No single player will have the capacity to meet those targets. Only the combined efforts of individual sectors, business & philanthropy, and government can help achieve these goals,” Jafar said.

He added, “The business & philanthropy climate forum is not a talking shop. It will not only provide a platform to properly engage delegates to commit to new pledges and targets, but also to deliver over 20 action-oriented outcomes across sectors..”