With our partners and leading businesses, we will driveambitious policy outcomes and accelerated corporate climate action. Our message is clear:Incremental change is not enough. We need to go all in at scale. Don’t wait for too late.
All in means business and government collaboration on bold policies and incentives for climate action across all sectors to deliver a just transition from fossil fuels to economies powered by clean energy. It means well-regulated high integrity voluntary carbon markets. And it means support for companies of all sizes and geographies to reach net-zero.
See the schedule of events and livestream from the Business Pavilion
COP28 hosts the final political phase of the first Global Stocktake, which assesses progress made since the adoption of the Paris Agreement and informs the next round of nationally determined contributions (NDCs) to be agreed in 2025.
COP28 must signal an urgent course correction on climate change and the global economy’s fossil fuel addiction, sending a clear signal to all governments on the need to immediately implement climate policies.
Business calls on governments meeting at COP28 to:
Land a global agreement to phase-out unabated fossil fuels, in parallel with clean targets to triple renewable energy capacity and double the deployment of energy efficiency. These are critical to inform countries’ strengthened, high quality NDCs by 2025 in line with a 1.5°C trajectory and halving global emissions by 2030.
Agree a forward-lookingoutcome for the first Global Stocktake that signals the course correction needed to bring the global economy to a 1.5°C trajectory, and sets the scene for new, strategic forms of public-private partnership.
Progress towards a non-state actor accountability framework that supports greater recognition and accountability of business climate commitments and actions, drawing on the best existing target-setting and accountability initiatives and encouraging business climate leadership and action from companies at all stages of their journey towards net-zero.
These outcomes must be underpinned by policies for:
accelerated financial flows towards 1.5°C and support for developing countries to transition,
alignment between policies on climate, biodiversity loss and nature, and
a just and equitable net-zero transition for workers and communities.
Companies engaged in the voluntary carbon market spend three times more on emissions reduction activities.
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Fossil to Clean
As we head into COP28, conditions are aligning for a historic shift. For the first time, at COP27, more than 80 countries rallied behind a call to phase-out all fossil fuels. In 2023, the EU and G7 committed to promote a global phase-out of unabated fossil fuels.