In a groundbreaking move during COP28, the President of the UAE, Sheikh Mohamed bin Zayed Al Nahyan, and the UK’s King Charles III inaugurated the first-ever COP28 Business and Philanthropy Climate Forum. This landmark forum, hosted by the COP28 Presidency and the Sustainable Markets Initiative, brought together over 1,000 CEOs and philanthropists from more than 80 countries, signaling a paradigm shift in the COP process.
The Forum, taking place alongside the World Climate Action Summit, marks a historic collaboration between the private sector and world leaders, aiming to move beyond commitments and showcase tangible industry-by-industry progress. Dr. Sultan Al Jabar, COP28 President, highlighted the importance of bridging trust gaps between different regions and building a platform for action through partnership. The Business and Philanthropy Climate Forum embodies this vision.
Badr Jafar, Chair of the Forum and COP28 Special Representative for Business and Philanthropy, emphasized the urgency of action, showcasing over 20 major initiatives that CEOs and philanthropists can undertake immediately. The forum focuses on actionable steps to move beyond pledges and declarations, providing accessible ways for private sector leaders to implement measures in line with their capabilities and competencies.
Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, positioned the Forum as a new model, centered on real-world delivery and accelerated results. The Strategic Partner for the Forum, the Sustainable Markets Initiative, collaborates with other delivery partners, including the International Finance Corporation (IFC), Organisation for Economic Co-operation and Development (OECD), World Economic Forum (WEF), Asian Development Bank (ADB), Africa Finance Corporation, Bill and Melinda Gates Foundation, Inter-American Development Bank Group (IDB Invest), World Business Council for Sustainable Development (WBCSD), and XPRIZE.
The COP28 Business and Philanthropy Climate Forum’s Purpose Statement outlines key commitments:
1. Supporting an annual Forum alongside world leaders’ summits at every UNFCCC COP until at least 2030, serving as a foundation for private sector alignment, assessment, and raising the bar on ambitions.
2. Engaging in private sector diplomacy and creating innovative mechanisms to support cross-border transition efforts.
3. Demonstrating moral courage as decision-makers to lead the transition to a sustainable, just, and prosperous future.
4. Adopting an authentic sustainable orientation, embedding sustainability in business models, decisions, and actions.
5. Investing in sustainability-aligned research, development, commercialization, technology, and innovation alongside youth.
6. Aligning country, industry, and financial roadmaps to create efficiencies, economies of scale, and accelerate sustainable transitions.
7. Showcasing game-changing entrepreneurs, technologies, and solutions globally, removing barriers impeding progress.
8. Bringing sustainable markets from niche to norm by reimagining mandates, project pipelines, financial structuring, and models of return.
9. Building conservation and nature-based solutions into the asset base, supply chains, and disclosures.
10. Addressing market challenges and reorienting economic subsidies, financial incentives, and regulations in support of global climate, biodiversity, and UN SDG targets.
By committing to these actions, the Forum aims to make a substantial impact on the global climate and biodiversity targets, emphasizing the private sector’s crucial role in driving sustainable change.
