The United Nations’ COP28 will take place from November 30th to December 12th, 2023, in Dubai, United Arab Emirates. This year’s 28th session of the Conference of the Parties is expected to be a crucial moment for global climate action, as countries will review their progress and commitments under the Paris Agreement, which aims to limit global warming to well below 2°C, preferably to 1.5°C, compared to pre-industrial levels.
Key topics
COP28 will address some of the key unresolved issues from previous COPs, such as the rules for carbon markets, the provision of finance and technology to developing countries, and the compensation for loss and damage caused by climate impacts. Moreover, COP28 will showcase the efforts and innovations of various stakeholders, including governments, businesses, civil society, and youth, to accelerate the transition to a low-carbon and resilient future.
Although many topics will be tackled, here are some of the main themes and challenges:
Net-zero targets
More than 130 countries have pledged to achieve net-zero emissions by mid-century, which means balancing any remaining emissions with removals from the atmosphere. However, many of these pledges lack concrete plans and policies to deliver on them. COP28 will be an opportunity for countries to demonstrate their credibility and ambition by submitting updated nationally determined contributions (NDCs), which are their voluntary emission reduction targets under the Paris Agreement.
Corporates can also play a vital role in supporting and aligning with these national goals, as well as setting their own science-based net-zero targets and disclosing their climate risks and opportunities. Discover more about how to do that here.
Energy transition
The global energy sector is undergoing a rapid transformation, driven by the increasing demand for clean energy solutions, the volatile energy prices, and the growing pressure from investors and consumers to decarbonize. COP28 will highlight the progress and challenges of the energy transition, as well as the need for more collaboration and innovation to ensure a just and inclusive shift to a low-carbon energy system.
Corporates can benefit from this transition by investing in renewable energy sources, improving their energy efficiency, and adopting new technologies and business models that enable them to reduce their dependence on fossil fuels. Learn more about procuring renewable energy for your company here.
Nature-based solutions
Nature-based solutions (NBS) are actions that protect, restore, or enhance natural ecosystems to address societal challenges such as climate change, biodiversity loss, food security, and water management. NBS can provide multiple benefits for both people and nature, such as sequestering carbon, enhancing resilience, supporting livelihoods, and improving health and well-being. COP28 will showcase the potential and value of NBS for climate action, as well as the need for more funding and governance mechanisms to scale up their implementation.
Corporates can leverage NBS by integrating them into their sustainability strategies, investing in nature conservation and restoration projects, and engaging with local communities and stakeholders. Understand how carbon offsetting works here.
The Road Ahead
A strong outcome at COP28 is crucial for both climate action and the sustainability agenda and finance is key for both. Delivering the longstanding goal of $100 billion of climate finance a year would support sustainable development and climate action.
As we approach COP28, it’s crucial for corporates to understand the potential impacts on their operations and strategic planning. The decisions made at COP28 can shape regulatory landscapes, influence consumer behavior, and create new market opportunities.
Businesses should be proactive in understanding these changes and identifying ways they can contribute to global climate goals. This includes exploring opportunities for decarbonization, investing in sustainable technologies, and integrating climate considerations into their strategic planning.
We’re Here to Help
Navigating the complexities of climate change and sustainability can be challenging. That’s why our team at Strive by STX is here to help. Don’t hesitate to reach out to us at marketing@stxgroup.com or fill out our contact form. Our STRIVE by STX experts are ready to answer your questions.
Together, we can strive for a more sustainable future.
