The 2023 UN Climate Conference (COP28) wrapped up last week in Dubai with a landmark agreement that explicitly calls for "transitioning away from fossil fuels" for the first time in its history.
FGS Global’s COP team was there, providing trusted counsel and support for two UN special envoys for climate and leading companies, coalitions and philanthropic organizations. Get caught up on what happened at COP28, the outcome of negotiations and what comes next.
Looking forward, COP28 made clear that business, policy and civil society conversations outside of the negotiations are where action must happen.
Public-private partnerships will drive progress. Companies across the global economy must partner with governments to deliver finance that bends the emissions trajectory downward and profits upward.
Philanthropy has a growing role alongside government funding. COP28 saw interventions from major philanthropic organizations where outdated international models failed to sufficiently de-risk opportunities in emerging and established markets.
Tolerance for misalignment of corporate action with policy is fading. Companies wishing to hide behind their peers or attempt to use smoke and mirrors in place of climate action will face material challenges as global corporate transparency efforts accelerate.
The prize for leadership is growing, as are the dangers of perceived greenwashing. Corporates will require more than two weeks of annual engagement on climate a year, necessitating an investment of time, talent and resources.
The focus now is implementation. Companies must contend with limited resources in a challenging global economy and face general skepticism for commitments without a clear roadmap. Ultimately, companies know what they must do to win in a cleaner global economy, but the time for pledging is over.