COP28: What can we expect from the upcoming conference on Climate Change?
In November, world leaders will meet in Dubai for the annual UN Climate Conference. But what can we expect from COP28?
In November, world leaders will meet in Dubai for the annual UN Climate Conference. COP28 is all about finding ways to tackle climate change. Both governments and business leaders take part in these discussions, and the outcomes of the conference could affect strategy, risk, and investment decisions at national level, and amongst international business.
To understand what’s happening at COP28, let’s look back at the previous conference, COP27 in Egypt.
COP27 was a mixed bag. The participants set up a fund to help countries hit hard by climate change, but they didn’t make much progress on the main goal: getting countries to promise to cut their emissions. They talked about phasing out fossil fuels, but that idea was put aside.
Now, at COP28, we’re dealing with extreme weather events like heatwaves, wildfires, and droughts. This summer is likely to be confirmed as having been the hottest in 125,000 years.
A report from the United Nations says we’re way off track to limit global warming, and we need to do much more to reach our climate goals. The report states we need to cut emissions by 43% by 2030 and 60% by 2035, compared to 2019 levels, to keep global warming under control.
While completely stopping the use of oil, gas, and coal might not happen, there could be a plan to phase out the use of these fuels that release emissions without being captured. At the same time, we hope to see more investment in renewable energy.
People will also talk about tripling renewable energy capacity by 2030 and setting a maximum limit for global greenhouse gases.
But it’s not just about who pays for all these changes.
Some leaders are calling for a major reworking of global financial institutions to deal with climate change. They’re also suggesting global taxes on fossil fuel trade and more taxes on the profits made from oil and gas.
Despite all the challenges, there are reasons to be hopeful.
Many businesses are already moving toward cleaner and more efficient ways of doing things. Lots of money is being invested in green energy, and this trend is growing. Governments also see the economic benefits of going green and are supporting industries that help fight climate change.
The business world is also making commitments to reduce emissions voluntarily. A group of big banks and asset managers is working on ways to fund the shift to a greener economy. And there’s an initiative to get companies in heavy industries to commit to going carbon-neutral and reducing methane emissions.
In the coming weeks, our experts will dive deeper into what’s happening at COP28, how it affects your business, and how to navigate the opportunities and risks that come with it.