In a groundbreaking move, His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, and His Majesty King Charles III inaugurated the COP28 Business and Philanthropy Climate Forum at the United Nations Framework Convention on Climate Change’s (UNFCCC) Conference of the Parties (COP). The Forum, a first-of-its-kind event, brings together over 1,000 CEOs and philanthropists from more than 80 countries alongside the COP28 Presidency and the Sustainable Markets Initiative.
The Forum, launched with a high-level reception, signifies a paradigm shift in the COP process by placing the global private sector at the forefront of climate action. Dr Sultan Al Jabar, COP28 President, emphasized the importance of including the private sector on the first day of COP28, aiming to bridge the trust gap between different regions and build a platform for collaborative action.
Badr Jafar, Chair of the Forum and COP28 Special Representative for Business and Philanthropy, highlighted the urgency to move beyond commitments. The Forum showcases over 20 major actions that CEOs and philanthropists can take immediately, demonstrating tangible ways for the private sector to transition from pledges to impactful implementation.
Jennifer Jordan-Saifi, CEO of the Sustainable Markets Initiative, stated that the Forum’s purpose aligns with calls from the private sector to be involved in all future UNFCCC COPs. The event focuses on real-world delivery and accelerated results, envisioning a new model centred on sustainability and tangible outcomes.
Sustainable Markets Initiative serves as the Strategic Partner for the inaugural Forum, with key partners including the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development (OECD), World Economic Forum (WEF), Asian Development Bank (ADB), Africa Finance Corporation, Bill & Melinda Gates Foundation, Inter-American Development Bank Group (IDB Invest), World Business Council for Sustainable Development (WBCSD), and XPRIZE.
The COP28 Business and Philanthropy Climate Forum commits to an annual gathering alongside the world leaders’ summit at every UNFCCC COP until at least 2030. This commitment aims to enhance alignment of industry, finance, and country roadmaps, conduct annual industry-by-industry assessments, and elevate ambitions in line with science-based targets.
To address the estimated $4 trillion annually required to meet climate and biodiversity targets, the Forum pledges to engage in private sector diplomacy, create innovative mechanisms for cross-border transition efforts, and demonstrate moral courage in leading the transition to a sustainable future. It emphasizes an authentic sustainable orientation, investment in sustainability-aligned research and development, and supporting green, sustainably focused jobs of the future.
The Forum’s objectives include aligning country, industry, and financial roadmaps, showcasing game-changing entrepreneurs and technologies, bringing sustainable markets from niche to norm, integrating conservation and nature-based solutions, and addressing market challenges to support global climate, biodiversity, and UN SDG targets.
