COP28 Unveils Groundbreaking Business and Philanthropy Climate Forum to Drive Global Climate and Nature Action

The Presidency of COP28 has announced a historic initiative, the Business and Philanthropy Climate Forum (BPCF), scheduled for December 1st and 2nd, to run in parallel with the prestigious World Climate Action Summit, gathering world leaders. This CEO-level forum aims to unite global business magnates and philanthropists in advancing the COP28 Presidential Action Agenda’s objectives, specifically focusing on cross-sectoral efforts for achieving net-zero emissions and nurturing nature-positive goals.

This pioneering approach, championed by the United Arab Emirates (UAE), reflects the nation’s commitment to hosting an all-encompassing climate conference that garners widespread support, fostering engagement from regions across the globe. The BPCF will act as a pivotal platform, bringing together leaders from business, philanthropy, and policymaking realms to facilitate co-creation, collaboration, and the acceleration of climate solutions.

By concurrently hosting the forum alongside the Heads of State-led World Climate Action Summit, COP28 aims to bridge the divide between climate policies and practical implementation, propelling climate action through dynamic partnerships and cross-sectoral cooperation.

Renowned figures from the business and philanthropic sectors will assemble at the forum, contributing their expertise and resources to drive tangible climate and nature solutions on a global scale.

The BPCF will address key climate priorities integral to the COP28 Action Agenda, encompassing the rapid and orderly transition to clean energy, the rectification of climate finance mechanisms, the prioritization of nature preservation and its impact on lives and livelihoods, all underpinned by an unwavering commitment to inclusivity.

Dr. Sultan bin Ahmed Al Jaber, Minister of Industry and Advanced Technology and COP28 President-Designate, emphasized the need for collective action, stating, “To disrupt business as usual and fix climate finance, we need action from everyone. We are committed to underpinning everything at COP28 with full inclusivity and we want to bring together key stakeholders to work on collective solutions. That is why I am hosting the Business & Philanthropy Climate Forum to deliver concrete outcomes from the private and philanthropic sectors that can be presented at the highest levels of COP28. Businesses and philanthropists must play leading roles in meeting net zero pathways and delivering sustainable development, and at COP28, they will have a platform to do so.”

The BPCF will be overseen by Badr Jafar, COP28 Special Representative for Business & Philanthropy, an accomplished businessman and philanthropic advocate who also serves on the COP28 Advisory Committee.

Jafar affirmed the private sector’s pivotal role in accelerating global climate and nature goals, stating, “The private sector holds the greatest promise to accelerate the accomplishment of our climate and nature global goals, which is why COP28 will ensure business and philanthropy are embraced as critical partners. The Business & Philanthropy Climate Forum provides this enabling platform for action, breaking down silos between sectors and connecting stakeholders from all world regions around game-changing outcomes underpinned by the COP28 Action Agenda. This is what is needed to deliver scalable solutions that can positively transform the lives of billions of people.”

COP28 is set to conclude the Global Stocktake, outlining gaps in the implementation of the Paris Agreement. The COP28 Action Agenda is designed to expedite progress across key areas, including tripling clean energy capacities, sectoral decarbonization, bolstering resilience, and enhancing adaptation efforts in sectors vulnerable to climate change, such as health systems, food and water, nature and ecosystems, cities, and relief and recovery.

Aligned with the COP28 Action Agenda, the forum will explore targeted solutions for accelerating technology transfer, reducing risks in green investments, promoting effective investment in nature conservation, catalyzing large-scale transformative actions, supporting climate-focused SMEs and startups, and fortifying resilience for the most vulnerable populations, among other crucial private sector outcomes.

The forum is poised to engage over 500 CEOs and philanthropists in a 90-minute flagship session on December 1st in the COP28 Blue Zone. Themed “Synergizing Business and Philanthropy: A New Paradigm for Climate & Nature Action,” this session will delve into the optimal methods for harnessing the private sector’s expertise and resources to effect meaningful change and stimulate increased private financing for the Global South.

On the same day, the forum will transition to the Green Zone Conference Centre for afternoon sessions under the theme “Business & Philanthropy as Game Changers: Setting the Stage for Action.” Participants will convene for full-day sessions on December 2nd at the Green Zone Conference Center, focusing on “Forging Pathways to Green Growth.”

The BPCF is slated to kick off the two-week COP28 program, scheduled from November 30th to December 12th. The comprehensive agenda for COP28 was crafted through a six-week open consultation involving stakeholders from around the world, marking a groundbreaking approach by a COP Presidency.

Badr Jafar, COP28 Special Representative for Business & Philanthropy, is the CEO of Crescent Enterprises and actively involved in diverse organizations and initiatives dedicated to social entrepreneurship, international development, humanitarian aid, strategic philanthropy, and corporate governance.

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