COP28 deal welcomed by businesses seeking climate clarity
This week’s landmark climate deal at COP28 will only help accelerate efforts to green the global economy if it is backed up with deeper shifts in national rules, business leaders said.
But some executives said that by giving the clearest signal yet that the end of the oil age is nigh, the U.N. summit accord should now allow governments to take those bolder steps.
“The certainty and stability they (businesses) were seeking in order to tether their investment and innovation plans, will still need to be delivered through national plans,” said Maria Mendiluce, CEO of the We Mean Business Coalition which represented 131 companies, including Volvo and Bayer.
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”
Related Knowledge Center: Climate diplomacy: COP 28
The 28th Conference of the Parties on climate change is planned for Nov. 30 through Dec. 12, 2023, in Dubai.