DAVOS: Tackling climate change requires a collaborative approach in which the private sector plays a distinctive role in accelerating, replicating and scaling efforts to showcase tangible progress during COP29 and COP30, said global leaders on Friday.
During a high-level session at the World Economic Forum meeting in Davos, global leaders from across business, philanthropy and policy discussed how best to ensure the private sector takes an active role in the climate action agenda.
The session, titled “COP28-COP30 — A Drumbeat for Business and Philanthropy,” also focused on ways to take forward the successful Business and Philanthropy Climate Forum held at COP28 in Dubai.
“Addressing climate change requires an all-hands-on-deck approach, and the private sector has a unique role to play in moving the climate agenda from pledges to action and implementation,” said Badr Jafar, chair of the COP28 Business and Philanthropy Climate Forum.
The “overwhelming response” from business and philanthropy at COP28 is an indication of the private sector’s commitment to “step up with money and solutions,” he added.
“And it is upon us to fully harness this momentum to ensure we move forward in an integrated way, embracing a multistakeholder approach to climate action.”
The roundtable discussion, co-hosted by Jafar and Brian Moynihan, chair of the Sustainable Markets Initiative, delved into the existing implementation gaps in the climate action agenda.
Key stakeholders stressed the private sector’s role in bridging this gap and scaling investment and delivery on equitable industry transitions.
Moynihan, who also heads the Bank of America, said: “The private sector, working with government and philanthropy, is bringing the capital, the ingenuity, and the talent to help drive the progress we are seeing in the transition to a sustainable future.
“We saw that come to life at COP28 and look forward to the work ahead.”
The session, which attracted over 50 attendees, discussed strengthening engagement with business, philanthropy, subnational authorities and civil society, with a view to establishing a more structured and integrated engagement between various actors required to deliver the aims of the historic UAE Consensus delivered at COP28.
