While weaker than hoped, COP28 took a small step in the right direction
One day after COP28 was supposed to have come to a close, countries reached a deal to transition away from fossil fuel consumption and achieve net zero by 2050. Many countries, leading businesses and activists advocated for stronger commitments and language including a phase-out of fossil fuels. But although the final agreement is weaker than many had hoped, it is a step in the right direction.
“Leading businesses came to COP28 with a call for the phase out of fossil fuels, the tripling of renewable capacity and doubling of energy efficiency. Their voices were loud and clear, and their courage to stand up and speak out must be applauded. But the certainty and stability they were seeking in order to tether their investment and innovation plans, will still need to be delivered through national plans.”
“Low expectations may have been exceeded, but is that really our measure of success? Yes, the first Global Stocktake has ended with a potentially momentous global agreement to transition away from fossil fuels. While this is absolutely to be celebrated, COP28 has ultimately failed to deliver a Stocktake that fulfils its potential. We are left without a crystal clear, actionable roadmap for implementation for all actors on climate and nature.”
Nature4Climate coordinated an impressive program as part of the Nature Positive Pavilion, making sure nature was front and center at COP28. Read their COP28 wrap-up.
As part of the Business Action Day on 5 December, Business for Nature organized an event ‘How to develop and publish a credible nature strategy’, highlighting the recently launched ‘It’s Now for Nature’ campaign and the Nature Strategy Handbook, to help businesses understand how they can develop a nature strategy that contributes to halting and reversing nature loss by 2030.
We want to thank Steve Waygood from Aviva Investors, Emma Cox from PwC, Sue Armstrong-Brown from CDP, Christina Niemelä Ström from IKEA, and Fernanda Facchini from Nature&Co for their insights and perspectives on why businesses should set a nature strategy.
Key takeaways from COP28
Interconnected challenges took center stage
A year on from the adoption of the historic Global Biodiversity Agreement, nature played a critical role in this year’s climate conference. Nature, food systems, regenerative agriculture, health and inequality were some of the interconnected challenges intentionally placed on the COP28 agenda.
The Nature-Climate Nexus
There were strong signals from all stakeholders on the need to bring the climate and nature agendas closer together, including a clear reference to the Global Biodiversity Framework and the role of nature in the final outcome document. 18 countries also endorsed a joint statement on Climate, Nature and People led by UAE and China. This demonstrates a commitment to enhance both domestic and international collaboration, through a set of shared objectives. Going forward as a community and across the UNFCCC and UN CBD processes, we must continue to do more to bring together action on climate and nature. The statement also provides a clear steer for businesses and financial institutions: they must get ready to deliver on their climate strategies but equally, must develop and deliver credible nature strategies to show how they will contribute to a net zero and nature-positive economy.
Finance must contribute towards net zero and nature positive
COP28 saw strong progress on financing the transition towards net zero through the Green Climate Fund, Adaptation Fund and Loss and Damage Fund to name a few. While there were discussions on redirecting public and private financial flows away from nature-negative and towards nature-positive outcomes, these discussions must continue to be elevated to the top of the climate and nature agenda. A timely report from UNEP estimates that $7 trillion per year in public and private finance goes towards actions that exacerbate the environmental and social crises that threaten our society, economy and health. This means bold decisions on environmentally harmful subsidies in particular, which will lead to more resilient economies and create a level economic playing field that encourages the rapid transformation of business models.
We need to listen and engage
It was evident at this year’s climate conference that leaders need to listen to the scientific community, Indigenous Groups and Local Communities, and other stakeholders including women and girls. These marginalized but critical groups are often at the forefront of the climate and nature crises. The science is clear and we have many of the solutions. Now we need decisive action.
COP16 announcement
At COP28, Colombia’s Minister for Environment and Sustainable Development, Susanna Muhamed, announced that the country – which is one of the most biodiverse – has offered to host COP16, the next biannual UN Conference on Biodiversity.
“Nearly one year since the adoption of the historic Global Biodiversity Framework in Montreal by 196 governments, the urgency to align the climate and nature agendas has never been greater.
Nature gained unprecedented attention at this year’s climate COP, but we cannot be complacent. The destructive financing of nature must cease, businesses must accelerate corporate action to address nature loss and governments need to put in place legislation to reward nature-positive outcomes. We thank Colombia for offering to host the UN Biodiversity Summit and look forward to working together to implement the GBF.”
Just as we rallied business and finance to contribute positively and meaningfully at COP15, Business for Nature is looking forward to keeping the momentum and actively engaging across our coalition at COP16.