Good morning Community!I thought I'd share a few things that we are seeing in the news today with regards to the most important gathering for the whole humanity – COP28. Boston Consulting Group has a good overview of major outcomes here:
If you are at COP28 now, it would be great to hear from you on what you are finding most interesting and impactful?
Good morning Community!Hope you had a great weekend. A bit of COP28 news.
According to The Guardian:
What are your takeaways and where do,you see impactful decisions made?
Thank you for posting the COP update! It is very helpful.
I had a comment on the private sector outcome you have listed. I completely see the reasoning behind that outcome based on my reading and interactions with various businesses. According to one of the studies conducted by University of Warwick, 90% of value-chain of any big business is made up of small & medium size businesses, most of which are private. In our race to increase transparency of supply-chain and to encourage these private businesses, which play an essential role in the wider scheme of things, we need to have more transparency with their ESG performance and create necessary data collection points which makes it easier for them to store and manage their ESG data, which can they be communicated to various stakeholders including banks and their customers. This would also create a systematic approach to project management and integrate carbon into their decision-making, in my humble opinion. Would love to hear your, and everyone else's, thoughts on this.
What a rollercoaster COP28 sounds! Here's a brief summary of the article in Bloomberg:
In an unexpected turn of events at the COP28 summit in Dubai, leaders, led by Sultan Al Jaber, head of the UAE's state-owned oil company, reached the world's first-ever agreement to move away from fossil fuels. Negotiations faced significant hurdles, including resistance from Saudi Arabia and OPEC against reducing fossil fuel production. Al Jaber, who had to contend with allegations regarding his lobbying intentions, released a draft proposal that drew widespread criticism for its weak language. However, dissatisfaction with the draft ultimately brought countries together, leading to intense negotiations and bilateral meetings. Key figures, including John Kerry and Xie Zhenhua, played pivotal roles in bridging gaps, resulting in a final agreement that, while not universally satisfying, allowed for continued use of some natural gas and highlighted carbon capture as a climate solution. The outcome is seen as a diplomatic success for Al Jaber and the UAE, though challenges, such as securing finance for developing countries, remain to be addressed in future climate conferences.
If you joined COP28, here's the discussion to share your thoughts and may be even a few pictures?
The ISSB's new international sustainability standards, effective in January 2024, received strong support from a wide range of stakeholders at COP28. To help companies adopt the standards, the ISSB launched its new knowledge hub on COP28's Climate Action Day. The hub's resources will help companies develop skills, capacity and share knowledge to ensure sustainability reporting can help provide better information for those driving climate action across the business world.
Read more here and share your insights
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