COP28, the 28th Conference of the Parties, is a pivotal event in the global climate action calendar, set to take place from November 30 to December 12, 2023, in Dubai.
This conference represents a critical juncture in the fight against climate change, offering a crucial opportunity for nations to come together and reaffirm their commitment to tackling this global crisis.
We provide a snapshot of the focus areas we can expect to feature as priorities on the agenda, followed by analysis on expectations, with special insight on what the outcomes could mean for UK businesses specifically.
Snapshot of Key Focus Areas
Transitioning to Clean Energy
A major focus is on fast-tracking the energy transition and slashing emissions to limit global warming to 1.5° C above pre-industrial levels, as outlined in the Paris Agreement.
Centering Nature, People, Lives & Livelihoods
This involves putting nature, people, lives, and livelihoods at the heart of climate action and helping vulnerable communities adapt to the change that’s already occurring.
Delivering on Finance
Addressing the shortfall in the promised $100 billion annual support for climate efforts in low-income countries will be a top agenda item, focusing on funding adaptation and mitigation measures.
Ensuring that the conference is inclusive, with decisions, discussions, and solutions implemented in collaboration with Indigenous Peoples and local communities.
Investing in Renewable Technologies
COP28 will be heavily focused on promoting further adoption of renewable technologies. It sets an ambition to triple global renewable power capacity to 11,000 GW and double energy efficiency by 2030,
COP28 is seen as an opportunity to push for regulations and policies that not only encourage sustainability but also incentivise the adoption of clean technologies.
Central to the conference is the forging of innovative partnerships, bringing together governments, NGOs, and private sector entities to develop and scale innovative climate solutions. COP28 also serves as a platform to showcase the impact of existing sustainability solutions and technologies, demonstrating their effectiveness and encouraging further investment and adoption on a global scale. Finally, COP28 recognises that a sustainable future requires a skilled and empowered workforce, there is a focus on investing in employee training and development.
Impact on UK Businesses?
The outcomes of COP28 will likely influence UK business strategies in several key areas:
Carbon Markets and Regulatory Clarity
The summit is expected to address transparency and accountability in carbon markets, which have been unresolved issues from the previous COP27 summit. Global Stocktake and Climate Finance
The summit’s outcome will impact how UK businesses engage in climate finance and carbon markets.
Integrity and Credibility of Carbon Credits
COP28’s discussions and decisions on standardising voluntary carbon markets could significantly affect the way UK businesses approach carbon offsetting and their sustainability strategies.
Framework for Carbon Offset Trading
COP28 is expected to progress the framework for trading carbon offsets, particularly the operation of the Article 6.4 mitigation mechanism. This mechanism could establish a global carbon market, potentially creating more clarity for the private sector, including UK businesses.
Overall, COP28 is poised to be a defining moment for UK businesses in terms of their climate action strategies, particularly in how they navigate carbon markets and engage in global climate finance.
The outcomes of the conference will likely influence business decisions related to sustainability, carbon offsetting, and compliance with international climate commitments.