COP 28: Global leaders unite unveiling initiatives for climate action, spanning nature preservation, energy transition, and health supply chains, to foster a sustainable and equitable future
Leaders from business, philanthropy, and politics convened at COP28 to unveil initiatives to leverage resources for climate action. The second day of the COP28 Business & Philanthropy Forum witnessed crucial announcements on nature preservation, energy transition, and a methane abatement accelerator. Additionally, the leaders initiated a drive to decarbonise health supply chains.
Kristalina Georgieva, the managing director of the International Monetary Fund (IMF), outlined strategies for collaboration between businesses, philanthropy leaders, and global organisations to facilitate a just transition to a greener economy.
At the COP28 Business & Philanthropy Climate Forum, there were sessions on philanthropy impact featuring influential figures such as Bill Gates, co-chair of the Bill and Melinda Gates Foundation; Ray Dalio, founder of Bridgewater Associates; and Dr. Precious Motsepe, co-founder.
The forum facilitated discussions on transition funding, led by Dr. Andrew Steer, President and CEO of the Bezos Earth Fund. Other notable figures include Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, and Dilhan Pillay Sandrasegara, CEO of Temasek Holdings.
Critical discussions on energy involved speakers like Mohamed Jameel Al Ramahi, CEO of Masdar, Marco Arcelli, CEO of ACWA Power, and Juliet Davenport, President of The Energy Institute. The session explored collaborations between the energy sector, heavy-emitting industries, and policymakers to reduce emissions and propel a just energy transition. Dr. Rajiv Shah delivered the closing remarks.
Badr Jafar, COP28 Special Representative for Business and Philanthropy, stressed the private sector's pivotal role in climate and nature. Jafar highlighted the need for collaboration between the public, business, and philanthropic sectors to escalate from billions to trillions, fostering a sustainable and equitable future.
The forum featured diverse sessions on climate change, including media and climate, the built environment, space and climate, and the impact of temperature on health. A pitch session allowed climate entrepreneurs to present their ideas to investors.
Key initiatives announced at the forum include:
1. Enteric Fermentation R&D Accelerator: Andrew Steer, CEO of Bezos Earth Fund, unveiled a $250 million accelerator to expedite methane mitigation in livestock production in collaboration with the Methane Hub, CIFF, and Quadrature Climate Foundation.
2. The Data for Methane Action Campaign: Kate Hampton, CEO of CIFF, introduced The Data for Methane Action Campaign, a $100 million initiative in partnership with Global Methane Hub, High Tide Foundation, Bloomberg Philanthropies, and Bezos Earth Fund. The campaign aims to translate methane data into actionable measures.
3. Join the Planet: Alex Avellanet, Board Member of 'Join the Planet', introduced a global commitment to repurpose discarded materials and use the proceeds to fund initiatives worldwide for the protection, restoration, and regeneration of natural ecosystems. Football legend Lionel Messi supports this global movement.
4. First Movers Coalition: Secretary John Kerry, US Special Presidential Envoy for Climate, and Borge Brende, President of the World Economic Forum, opened the First Movers Coalition session. CEOs from Volvo Group and Norsk Hydro announced a partnership to develop a roadmap for supplying near-zero aluminium by 2030.
Health for Climate:
Leaders pledged to advocate for ambitious Net Zero targets across healthcare supply chains. Pascal Soriot, CEO of AstraZeneca, announced an initiative to minimise the global health system's contribution to the increased health burden from climate change, anticipating more cases of heat stress, infectious diseases, and malnutrition.
The Nature Positive for Climate Action initiative was announced by H.E. Razan Al Mubarak, President of the International Union for Conservation of Nature (IUCN) and UN Climate Change High-Level Champion, and Manuel Pulgar-Vidal, CBD Nature Action Agenda Champions. Over 150 businesses and financial institutions have committed to this initiative, aiming for a whole-of-economy transformation to meet climate and nature goals.
Hindou Ibrahim, Chair of the International Indigenous Peoples Forum on Climate Change, launched the Indigenous Peoples Initiative call to action. This initiative seeks to finance Indigenous Peoples and organisations directly, empowering them to protect and restore nature and biodiversity.
Rodrigo Veloso, Founder and CEO of ONE AMAZON, and Peter Knez, Chairman of ONE AMAZON, announced the ONE AMAZON and ONE AMAZON IMPACT FUND (OAIF), the world's first trillion-dollar nature-based asset platform. This initiative aims to benefit all stakeholders while preserving the Amazon Rainforest.
In collaboration with the Global Methane Hub and other philanthropies, Christie Ulman, President of the Sequoia Climate Foundation, announced $450 million in new funding for superpollutants.
This funding will assist countries in incorporating all non-CO2 GHGs into their new NDC targets for 2035, aiming to triple climate finance in this category by 2030.