PARIS: The president of a pivotal UN climate summit defended on Saturday (Sunday in Manila) the large presence of industry representatives at the negotiations, saying private sector engagement was essential to curb global heating.
In an interview with Agence France-Presse, COP28 president Sultan Al Jaber, of the oil-rich United Arab Emirates, emphasized the need for everyone to be part of the climate change process and to be held responsible and accountable. He specifically mentioned heavy emitting industries such as aviation, transportation, aluminum, cement, steel, as well as the oil and gas industry.
The upcoming COP28 in Dubai from November 30 to December 12 is set to be the largest United Nations climate change summit ever, with an estimated 70,000 attendees including world leaders, country negotiators, activists, lobbyists, and even Pope Francis. Alongside the negotiations between political leaders, more than 1,000 businesses and philanthropic organization leaders will participate in a two-day forum on December 1-2.
Emirati businessman Badr Jafar, the organizer of the forum, revealed that businesses and industries will announce a score of commitments during the event. This highlights the increasing recognition of the private sector’s role in addressing climate change.
At COP28, national negotiators will grapple with various critical issues, including the future of fossil fuels and financial aid for vulnerable nations affected by climate disruption. However, the central focus will be on evaluating the world’s progress in reducing greenhouse gas emissions, which are the primary drivers of the climate crisis.
Sultan Al Jaber, who is also the CEO of UAE state-owned oil giant Adnoc, has consistently emphasized the importance of private sector engagement alongside national governments. He believes that the private sector can play a vital role in financing the transition to clean energy and supporting vulnerable states in adapting to the impacts of climate change.
Al Jaber stressed the need to encourage private sector funding and provide insurance and hedging mechanisms to protect businesses. By incentivizing the private sector to contribute, he believes they can help address the climate finance challenge. Some US and European parliamentarians have called for new rules on companies participating in COP negotiations, and while Al Jaber acknowledges the demand, he believes that both nation-states and the private sector must be involved due to the enormity of the challenge.
Al Jaber’s vision for COP28 is inclusive, stating that everyone, including every industry, must be consulted and given the opportunity to contribute. He holds the belief that everyone should be responsible and accountable for keeping the target set by the 2015 Paris Agreement within reach. The target, referred to as “1.5,” aims to limit the rise in the Earth’s average temperature to 1.5 degrees Celsius above pre-industrial levels.
Scientists have repeatedly warned that humanity is dangerously close to exceeding the 1.5-degree threshold. Therefore, the active participation of both governments and the private sector is crucial in achieving the necessary actions to mitigate climate change.
As we approach COP28, it is evident that the engagement of the private sector is no longer an option but a necessity. The involvement of businesses and industries is crucial in driving innovation, financing sustainable solutions, and ensuring a successful transition towards a cleaner and more sustainable future.
Source: The Manila Times
