COP28 special representative emphasizes the need for private sector engagement in climate change efforts
The 27-year-old Conference of the Parties (COP) process has seen an alarming increase of 50% in global emissions. While pledges and declarations have been made, implementation has fallen short. In an interview with Mint, Badr Jafar, the COP28 special representative for business and philanthropy, highlights the importance of incorporating the private sector in climate action. Jafar emphasizes that a paradigm shift is needed to unite all stakeholders and engage them in climate action, not just out of obligation, but because it is in their enlightened self-interest to do so.
The Power of Business and Philanthropy in Climate Action
Jafar believes that the private sector, including philanthropy, holds the greatest promise in accelerating the achievement of global climate and nature goals. He argues that the authentic inclusion of businesses is no longer optional, as they can provide the crucial connective tissue between COP presidencies. By actively involving businesses, COP can bridge the gap between pledges and implementation.
Jafar also points out the constant failure of many nations to fulfill their climate finance pledges. This disconnect poses a significant challenge to the COP process. To address this issue, Jafar emphasizes the need for business and philanthropy to step in and provide the necessary support.
The Business and Philanthropy Climate Forum at COP28
Under the presidency of the UAE, this year’s COP28 introduces the Business and Philanthropy Climate Forum, chaired by Badr Jafar. The forum aims to bring together over 1,300 world leaders from various sectors, including food and agriculture, space, fashion, and energy. The attendees will focus on targeted solutions to accelerate technology transfer, de-risk green investments, enable effective investments for nature conservation, and support climate startups.
Jafar highlights the colossal requirements for achieving net-zero targets by 2050, estimating that $3-4 trillion of climate funding is needed annually. Recognizing that no single player can meet these targets alone, he emphasizes the importance of collaboration between sectors, businesses, philanthropy, and governments.
Conclusion:
The COP process has struggled with implementation, leading to a significant increase in global emissions over the past 27 years. To address this, COP28 special representative Badr Jafar emphasizes the need for a paradigm shift, urging the private sector, including philanthropy, to be authentically engaged in climate action. The Business and Philanthropy Climate Forum at COP28 provides a platform for stakeholders to commit to new pledges and targets and deliver action-oriented outcomes across sectors. By incorporating business and philanthropy, COP can bridge the gap between pledges and implementation, accelerating progress towards achieving net-zero targets by 2050.
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