COP28: Governments and large corporations must eschew double speak and walk their talk

By Dev Chandrasekhar

The urgency to address the climate crisis has never been greater. As we enter 2024, the world is grappling with the devastating impacts of climate change, including wildfires, floods, and droughts. The scientific consensus is clear: immediate action is needed to reduce greenhouse gas emissions and mitigate the worst consequences of global warming.

Since 1995, the Conference of the Parties (COP) meetings have been the primary platform for international collaboration on climate change. The ‘parties’ are the 197 nations and territories around the world that signed the UN Framework Convention on Climate Change (UNFCCC). However, these gatherings have failed to net deliver, with governments and corporations making promises that see little or no action.

COP28 might add to the talk-more-act-less sequence of Previous COPs.

In the previous COP27, held at Sharm el-Sheikh, Egypt, some positive steps were taken, such as the establishment of a loss and damage fund for developing nations affected by climate change; the conference, however, made little progress in reducing fossil fuel usage and addressing the needs of the most vulnerable countries.

COP26, held in Glasgow in 2021, was hailed as a pivotal moment in the fight against climate change. However, it concluded without concrete action plans, leaving only vague commitments.

COP25, held in Madrid in 2019, failed to agree on specific funding targets for climate finance and made limited headway in reducing greenhouse gas emissions.

COP24, held in Katowice, Poland, in 2018, despite adopting the Paris Agreement rulebook, struggled to establish ambitious long-term emissions reduction targets and make substantial progress in decreasing reliance on fossil fuels.

COP28, set to take place in the United Arab Emirates (UAE) on 30 November, the host country’s status as a major oil producer makes for an ominous start. Questions of greenwashing and conflicts of interest have been amplified by the appointment of Sultan Al Jaber, CEO of the Abu Dhabi National Oil Company, as COP28 president.

For COP28, the challenge is more than just setting lofty targets.

Even so, COP28 provides a new opportunity for governments and corporations to turn their pledges into action. The climate crisis is escalating, and we cannot afford to wait. The time to act is now, and it is incumbent upon us all — governments, corporations, and individuals alike — to do our part in making our planet a livable place.

One critical task for COP28 is evaluating and implementing the global stocktake, which assessed progress on climate change mitigation efforts. Released in September 2023, the stocktake report paints a grim picture, projecting global warming to reach 2.5 degrees Celsius by the end of the century. While this is an improvement from the 4 degrees projected a decade ago, it remains far from the Paris Agreement’s targets of keeping global warming well below 2 degrees Celsius, ideally at 1.5 degrees Celsius.

But for COP28, the challenge is more than just setting lofty targets. The conference also grapples with financial concerns, notably the setup of a loss and damage fund to compensate the countries most affected by climate change and meeting the $100 billion climate finance pledge from higher-income countries to their lower-income counterparts.

Governments, corporations should invest in their pledges and deliver concrete results.

As COP28 approaches, governments and large corporations must reassess their commitments to climate action. It’s time to move beyond empty promises and invest in concrete strategies to address global warming.

Governments must play a more active role in setting and executing their national climate plans. Rich-country governments that have burdened the majority world with their millennia-long emissions should express clearly, in concrete “legally binding” terms, the what, how and where of honoring their climate finance pledges, providing financial support for countries most affected by climate change.

Given the past record of the gobbling up such monies by the political and “connected” elites of receiving countries, clear conditions may be imposed on the end-use of such funds down to the last mile.

Similarly, large corporations must commit to reducing their carbon footprints and investing more in renewable energy. Given their influence, these companies can shape global climate actions, from advocating for stricter environmental regulations to promoting sustainable business practices.

Civil society organizations and activists must continue to play an even stronger and more aggressive role in holding governments and corporations accountable for their climate commitments.

COP28 tests the world’s ability to deliver on collective climate action.

In addition to these specific recommendations, a fundamental shift in mindset is necessary. Short-term thinking must give way to a long-term vision for a sustainable future. COP28 can only be deemed a success if it serves as a turning point in our collective response to the climate crisis.

Additional considerations, such as the role of technology in climate mitigation and adaptation, the importance of international cooperation and collaboration, the need for public awareness and education towards just transition to a low-carbon economy, should also be given impetus.

The world is facing an existential crisis. Despite numerous international conferences and agreements aimed at addressing this pressing issue, the situation continues to deteriorate. While there is a risk that COP 28 will follow the pattern of previous conferences, there is also an opportunity for meaningful change. COP28 holds the potential to be a transformative moment in the global fight against climate change; it presents a crucial opportunity for governments and businesses to step up and deliver concrete actions to combat climate change. The opportunity is before us, and we must seize it, working together. The unfolding climate catastrophe demands action–failure is not an option.

(Dev Chandrasekhar advises corporates on the techno-politico-economic Big Picture. The views expressed are personal.)