The 'Net-Zero Transition Charter: Accountability mobilization for the private sector’ launch comes just weeks ahead of the COP28 conference, to be held in Dubai between 30 November and 12 December.
The COP28 Presidency has launched a charter to mobilize and encourage the private sector to take bolder action on climate and commit to greater credibility and accountability in their net-zero emissions pledges.
The ‘Net-Zero Transition Charter: Accountability mobilization for the private sector’ launch comes just weeks ahead of the COP28 conference, to be held in Dubai between 30 November and 12 December. The Charter follows a technical report from the Global Stocktake on 8 September, which showed that the world is off-track to keeping the goals of the Paris Agreement alive.
The Charter recognizes the important role the private sector must play in combatting climate change. The private sector accounts for approximately 80 percent of global GDP, as well as the bulk of the world’s energy consumption and greenhouse gas emissions.
COP28 President, Sultan Al Jaber said, “The private sector’s engagement in COP28 – their resources, expertise, and commitment – is vital in driving real-world action and achieving the ambitious climate goals set forth by the Presidency. For every pillar of our Action Agenda – fast-track the energy transition, fix climate finance, focus on nature, lives, and livelihoods, and full inclusivity – companies can leverage their strengths and resources to advance our collective climate goals and provide us with required solutions.”
“The Net-Zero Transition Charter will further enable the private sector to take meaningful action on climate, track progress and be held accountable. We have strong collaboration with the private sector already in the consultation and development of many of the outcomes of the action agenda – and I encourage all eligible private sector organizations to make this commitment and sign the Charter today.”
The COP28 Presidency has called for a collaborative approach to reduce emissions by 43 percent in the next seven years, with all sorts of capital – public, private and philanthropic sources necessary to help solve the emissions gap more effectively.
Al Jaber, continued, “Philanthropy equally has a crucial role; they raise awareness on climate issues, they can convene as a neutral partner and bring risk-free capital to fund climate opportunities. More importantly, they can be nimble and help fast-track solutions especially when partnering with public and private funders. Less than 2 percent of total philanthropic giving ($810 billion in 2021) goes to climate and this is miniscule relative to the size of the problem we have. I hope to see many more philanthropists coming to COP28 and playing an active role in supporting climate causes and solutions.”
By joining the Net-Zero Transition Charter, all organizations will commit to–publicly set 1.5°C aligned, science-based, credible, and transparent Net-Zero 2050 and interim emissions’ reduction targets and produce a credible net-zero transition plan, within one year of COP28 besides other commitments.