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COP28 Progress and opportunities

Progress is happening. The opportunities are unmissable. Don’t wait for too late.

At COP28, We Mean Business Coalition is shining a light on ways to accelerate corporate climate action through campaigns to deliver real–world emissions reductions: 

Fossil to Clean – a movement of businesses going from fossil fuels to clean solutions 

Supplier Cascade – a manageable way to address Scope 3 emissions through Tier 1 supplier engagement

SME Climate Hub – empowering small to medium sized companies to take climate action and build resilient businesses for the future

Action on nature and credible voluntary markets – guidance for incorporating nature in corporate climate plans

The Corporate Climate Stocktake – a snapshot of climate action and opportunities across sectors 

Business can be the catalyst for change, and in many sectors is already sending strong market signals to ensure we can rapidly decarbonize the global energy system by the 2040s. 

Find out more about our COP28 Business Pavilion events, campaigns and latest insights.

Visit our COP28 hub

PROGRESS IS HAPPENING

Companies are taking action

13,000+ companies setting climate targets and taking action to deliver on them.

Discover sector-specific insights from our Corporate Climate Stocktake

Half of power companies expect to be fossil fuel-free by 2040.

Read the latest insights from the IEA

For every $1 invested in fossil fuels, about $1.8 is going into clean energy – up from 1:1 five years ago.

Read the latest research from Ecosystem Marketplace

Companies engaged in the voluntary carbon market spend three times more on emissions reduction activities.

See insights from the Corporate Climate Stocktake

Latin American countries are scaling renewable energy fast enough to achieve their 2030 targets.

Visit the SME Climate Hub

SME Climate Hub tools and resources were used 19,000 times by SME business climate leaders to track emissions.

Read IEA's Global EV Outlook 2023

EV sales hit 10 million in 2022 and are expected to grow by another 35% in 2023.

Read the IEA report

The number of charge points grew 55% in 2022. EVs could avoid the need for 5M barrels of oil per day by 2030.

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THE OPPORTUNITIES ARE UNMISSABLE

Read more in the IEA's World Energy Outlook, 2023

Investment in clean energy has risen by 40% since 2020.

See clean energy insights from WRI

The cost of building new solar and onshore wind power is 40% less on average compared to coal or gas power.

See IRENA and the ILO's projections for clean energy jobs

The renewable energy sector could account for 38 million jobs by 2030 and 43 million by 2050.

Read the IPCC's special report on climate change and land

Changing land use in value chains means shifting from producing ~ 1/4 of global emissions to a carbon sink.

Read more in our Corporate Minds on CIimate Action report with Conservation International

If the top 1,700 emitters compensated for 10% of annual emissions it could raise $1Tn for nature by 2030.

Get more insights in the ILO's guide to job creation in SMEs

SMEs represent ~90% of all businesses globally. Supporting SMEs to cut their emissions is key to net zero.

Learn more using the IEA's Global Energy and Climate Model

Clean energy investments could boost global GDP by 4% by 2030.

Read more in our Corporate Climate Stocktake report

75% of European and North American business leaders say they can shift away from blast furnace steel by 2050.

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References

  1. “Business.” We Mean Business Coalition, 19 Sept. 2023, www.wemeanbusinesscoalition.org/business/. 
  2. “Corporate Climate Stocktake 2023.” We Mean Business Coalition, 13 Nov. 2023, www.wemeanbusinesscoalition.org/corporate-climate-stocktake-2023/. 
  3. “Global Investment in Clean Energy Is on Course to Reach USD 1.8 Trillion in 2023 – Spotlight.” International Energy Agency (IEA), www.iea.org/spotlights/global-investment-in-clean-energy-is-on-course-to-reach-usd-1-8-trillion-in-2023. Accessed 15 Nov. 2023. 
  4. Forest Trends’ Ecosystem Marketplace. 2023. “All in on Climate: The Role of Carbon Credits in Corporate Climate Strategies”. Washington DC: Forest Trends Association. Available online at: https://www.wemeanbusinesscoalition.org/wp-content/uploads/2023/10/Ecosystem-Marketplace-All-in-on-Climate_The-Role-of-Carbon-Credits-in-Corporate-Climate-Strategies.pdf Accessed 15 Nov. 2023. 
  5. “Corporate Climate Stocktake 2023.” We Mean Business Coalition, 13 Nov. 2023, www.wemeanbusinesscoalition.org/corporate-climate-stocktake-2023/. 
  6. “Home.” SME Climate Hub, 15 Nov. 2023, https://smeclimatehub.org/.
  7. IEA (2023), Global EV Outlook 2023, IEA, Paris https://www.iea.org/reports/global-ev-outlook-2023, License: CC BY 4.0.
  8. “Corporate Climate Stocktake 2023.” We Mean Business Coalition, 13 Nov. 2023, www.wemeanbusinesscoalition.org/corporate-climate-stocktake-2023/. 
  9. IEA (2023), World Energy Outlook 2023, IEA, Paris https://www.iea.org/reports/world-energy-outlook-2023, License: CC BY 4.0 (report); CC BY NC SA 4.0 (Annex A).
  10. Jaeger, Joel. “These 8 Countries Are Scaling up Renewable Energy the Fastest.” World Resources Institute, 12 July 2023, www.wri.org/insights/countries-scaling-renewable-energy-fastest. 
  11. IRENA and ILO (2021), Renewable Energy and Jobs – Annual Review 2021, International Renewable Energy Agency, International Labour Organization, Abu Dhabi, Geneva. Accessed at: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2021/Oct/IRENA_RE_Jobs_2021.pdf. 
  12. IPCC, 2019: Summary for Policymakers. In: Climate Change and Land: an IPCC special report on climate change, desertification, land degradation, sustainable land management, food security, and greenhouse gas fluxes in terrestrial ecosystems [P.R. Shukla, J. Skea, E. Calvo Buendia, V. Masson-Delmotte, H.- O. Pörtner, D. C. Roberts, P. Zhai, R. Slade, S. Connors, R. van Diemen, M. Ferrat, E. Haughey, S. Luz, S. Neogi, M. Pathak, J. Petzold, J. Portugal Pereira, P. Vyas, E. Huntley, K. Kissick, M. Belkacemi, J. Malley, (eds.)]. In press. Accessed at: https://www.ipcc.ch/srccl/chapter/summary-for-policymakers/  
  13. Conservation International and We Mean Business Coalition (2023), Corporate Minds on Climate Action. London. Accessed at: https://www.conservation.org/docs/default-source/audio/download-the-report-here-.pdf?sfvrsn=eaece659_6 .  
  14. International Labour Organization (2022), Guide to Recommendation 189: Job creation in small and medium sized enterprises Recommendation. Geneva. Accessed at: https://www.ilo.org/wcmsp5/groups/public/—ed_emp/—emp_ent/—ifp_seed/documents/publication/wcms_847682.pdf . 
  15. IEA (2023), Global Energy and Climate Model, IEA, Paris https://www.iea.org/reports/global-energy-and-climate-model, License: CC BY 4.0.
  16. “Corporate Climate Stocktake 2023.” We Mean Business Coalition, 13 Nov. 2023, www.wemeanbusinesscoalition.org/corporate-climate-stocktake-2023/.

 

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