In a significant development on the global climate stage, the inaugural COP28 Business and Philanthropy Climate Forum, which is set to run in parallel with the World Climate Action Summit on December 1 and 2, 2023, has revealed crucial partnerships with renowned international organisations.
This forum aims to unite 500 leaders from the realms of business and philanthropy with policymakers to expedite climate solutions and generate more ambitious outcomes.
The multi-stakeholder approach of the forum, which has been endorsed by the UAE’s COP28 Presidency, seeks to gather worldwide support, fostering engagement from all corners of the globe.
Its primary goal is to address the annual financing gap of over $3 trillion, essential for achieving net-zero emissions, reversing nature loss, and restoring biodiversity.
COP28 partnerships: Key players unite
The forum is joining forces with several influential organisations, including the Sustainable Markets Initiative (SMI), the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development – Network of Foundations Working for Development (OECD-NetFWD), the World Economic Forum – Giving to Amplify Earth Action, the Asian Development Bank, the Africa Finance Corporation, the Bill & Melinda Gates Foundation, and XPRIZE.
“Businesses and philanthropists must play leading roles in meeting net-zero pathways and delivering sustainable development, and through the Business and Philanthropy Climate Forum at COP28, they will have a platform to do so,” COP28 President Dr. Sultan Al Jaber said highlighting the importance of these partnerships.
The COP28 Special Representative for Business and Philanthropy, Badr Jafar, emphasised the significance of collective action, and said: “Their broad expertise, resources, and unwavering commitment are what is required to harness the true potential of both business and philanthropy, working alongside an enabling policy environment, to generate a multiplier effect on impact towards increasingly urgent climate and nature goals.”
The strategic partner of the forum, Sustainable Markets Initiative (SMI), will work towards aligning industry, investment, and country roadmaps to expedite climate efforts. SMI CEO, Jennifer Jordan-Saifi, highlighted the pioneering role of this forum, stating that it “sets a bold new standard for future COPs.”
The partnership with the International Finance Corporation (IFC) underscores the finance sector’s commitment to green investments. Makhtar Diop, IFC Managing Director, said: “We create investable climate project pipelines and mobilise institutional capital at scale to accelerate a resilient and inclusive transition in emerging markets.”
The Organisation for Economic Co-operation and Development (OECD), representing over 100 countries, is dedicated to raising awareness about philanthropy’s contribution to climate adaptation and mitigation, as noted by Bathylle Missika, Head of the OECD’s Networks, Partnerships, and Gender Division.
The World Economic Forum, a prominent multi-stakeholder engagement platform since 1971, has launched the Giving to Amplify Earth Action (GAEA) initiative, designed to catalyze corporate and public action across climate and nature.
Børge Brende, President of WEF, expressed his enthusiasm for this partnership and its potential to unlock ambition and action for both people and the planet.
The Asian Development Bank (ADB) is committed to enhancing collaboration between philanthropy, business, and the public sector to enhance climate action in Asia and the Pacific, as stated by Woochong Um, Managing Director General of ADB.
The African Finance Corporation emphasises the importance of climate resilience in vulnerable regions in the Global South. Samaila Zubairu, President and CEO of AFC, stressed the role of the forum in galvanising urgent action for a balanced coexistence with nature.
The Bill & Melinda Gates Foundation sees the forum as a catalyst for innovation and solutions to address climate change, especially for vulnerable communities, as highlighted in their statement.
XPRIZE, known for incentivising solutions to global challenges, anticipates a critical role in setting new moonshots for our planet. XPRIZE CEO, Anousheh Ansari, looks forward to accelerating positive change through collaboration.
Collectively, these partnerships signify a commitment to bridge the gap between climate ambition and actionable initiatives.
The forum will span the COP28 Blue Zone and Green Zone, kick-starting the two-week COP28 programme running from November 30 to December 12.
This inclusive approach to shaping the COP28 agenda, developed through open consultations, marks a significant step in the history of COP Presidencies.
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