COP28 – What it means for business

It is anticipated that COP28 will play a crucial role in preserving the objective of restricting long-term global temperature increases to 1.5C, a commitment established by nearly 200 countries during the 2015 Paris Agreement. The significance of the 1.5C target lies in its capacity to avert the most severe consequences of climate change, as emphasised by the Intergovernmental Panel on Climate Change (IPCC), the UN’S climate body. Despite this, however, current projections outlined in a UN environmental report indicate that at the current rate, the world is set to warm by up to 2.9°C if countrylevel emissions reduction remains consistent. Consequently, the timeframe for maintaining the 1.5C limit is swiftly diminishing, heightening the urgency for decisive action and global cooperation.

Significantly, the first Global Stocktake (GST) is set to take place at this year’s COP28, which will provide a comprehensive assessment of progress since the adoption of the Paris Agreement nearly a decade ago. This will help align the efforts on climate action, including measures that need to be put in place to bridge the gaps in progress, according to the official COP28 website.

COP28 aims to build upon the foundations laid by previous conferences, particularly the rulebook established at COP24 in Katowice, Poland. The agenda includes discussions on enhanced Nationally Determined Contributions (NDCS), increased climate finance commitments, and innovative solutions for adaptation and mitigation. Additionally, COP28 will spotlight the urgent need for collaborative efforts between governments, businesses and civil society to achieve the ambitious targets set by the Paris Agreement.