Cop28 is the word on everyone’s lips as the UN’s climate change conference takes place; a key event for policymakers and business leaders as well as professionals in the sustainability sector.
The event hasn’t avoided controversy, with many questioning the host’s commitment to sustainability and net zero. Most recently – a day before the event kicks off – the Guardian reported that most event sponsors haven’t committed to science-based climate targets.
Regardless, there have already been a number of discussions and key policy announcements designed to help the globe reach net zero and limit global warming to 1.5 degrees.
But what are business leaders from key sectors expecting – or hoping – to see from Cop28?
Finance expects ‘ambitious’ plans
Last month, over 100 business leaders across finance, technology, pharmaceuticals, and food called world leaders to scale up investment in renewables and phase out fossil fuels in a “just and equitable way”, with “transformative” policies to accelerate net zero.
UK Finance head of sustainability policy Ian Bhullar also added that the government should use the conference to “ambitious delivery plans that give businesses clarity and clear pathways” towards net zero.
“In the financial services sector, global sustainability regulatory coherence is key,” he adds.
“This year UK Finance welcomed the publication of the International Sustainability Standards Board (ISSB) Standards and have supported their implementation by the UK government.
“The standards will help generate consistent disclosures and data to enable the transition,” Bhullar continues.
“At Cop28 and beyond, UK Finance will support the ISSB as they create the foundations for an ambitious, globally coherent sustainability reporting regime.”
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Farmers say Cop28 discussions need to ‘lead to actions’
The National Farmers’ Union (NFU) is calling for discussions to “lead to action”.
As the only representatives of British agriculture present at Cop28, the NFU will be working with the World Farmers’ Organisation and other members of the Farmers’ Constituency to influence the negotiations.
NFU deputy president Tom Bradshaw says that while at each Cop, many commitments are made, “they have to lead to support for practical action on the ground”.
“Take water as an example – our most precious resource. In the UK, we often have too much, yet outdated infrastructure does not enable us to easily store water for when we have too little,” he added.
“We need urgent investment in water management, both to protect farms and homes from flooding and to ensure water for food in times of drought.
“Farmers across the country are also ready and willing to help alleviate the risks of extreme weather events on their local communities, but they will need support to do this.
“British farmers can and want to be part of the solution. But we need the right government policies in place to help farm businesses invest in a sustainable future.”
Food giants want governments to look ‘beyond agricultural production’
Food brands including Unilever, have urged for an updated food systems that looks at emissions “beyond agricultural production”, and needs to include “food waste, consumption, biodiversity loss and land use change”.
“Managing competing needs for land and water from energy, food production and biodiversity protection will also be essential to safeguard the carbon capture benefits of our natural resources,” the companies added.
The firms want a food systems approach integrated within the Sharm el-Sheikh Joint Work on Implementation of Climate Action on Agriculture and Food Security (SSJW), a programme set up at Cop27 last year.
“Taking a food systems approach would at a minimum encompass three key elements: nature-positive food production, healthy sustainable diets and nutrition, and food loss and waste,” the letter stated.
Accounting professionals want to drive forward sustainable reporting
Earlier this week, the Acca published a new guide ahead called “sustainability reporting – the guide to preparation” ahead of Cop28.
The global body of professional accountants are hoping that driving forward global sustainability reporting will be a topic discussed at the event.
ACCA director of policy and insights Mike Suffield commented: “Sustainability reporting requirements extend to explaining the approach and progress made on sustainability-led strategies – for many professional accountants this is a big change.
“On the other hand, this more holistic reporting requirement supports achieving benefits over the short-, medium-, and longer-term.”
An end to fossil fuels
Businesses such as Ikea, BT Group and Nestlé called on the government to push for an end to fossil fuels at Cop28.
In an open letter the business wrote: “Leadership from policymakers, alongside coordinated actions from finance and fossil fuel producers, will enable us, as energy users, to develop and deploy the climate solutions of the net-zero economy.”
“We stand ready to support and work with you on the path away from fossil fuels, and toward healthier and more resilient communities, sustainable economic growth and shared prosperity.”
