Global business response to COP28 outcome

ICC has issued the following statement upon conclusion of COP28. ICC Secretary General John W.H. Denton AO said:

“The success of COP28 should not be judged by the semantics of a single sentence on fossil fuels.

“From a business perspective, the totality of the agreements forged at the conference send an important signal of intent to increase the pace and scale of efforts across the global economy to limit global temperature increases to 1.5 degrees Celsius. COP28 has – by any objective measure – succeeded in bringing much-needed political focus, specificity and urgency to task of implementing the Paris Agreement.

“The revised Global Stocktake decision provides a useful roadmap for policy change to speed mitigation and adaptation efforts, transform energy systems and turbocharge the flow of climate finance to developing economies. After years of apparent drift in the UN climate process, the global direction of travel towards a net-zero future is now much clearer. That alone will be of great reassurance to business and investors.

“There are, to be sure, gaps in the agreement. But what matters now is action and accountability.

“The acid test will be whether governments make good on their new – and very welcome – commitment to present significantly upgraded national climate action plans at COP29. We also need to a see a step-change in international cooperation to address pervasive barriers to the deployment of climate solutions and finance by the private sector.

“COP28 has delivered a blueprint for action to get the world back on track in implementing the Paris Agreement. We now need governments to walk the talk – and without delay.”

For more on the outcomes of COP 28, watch below Mr Denton’s interview with the Agenda on CGTN News Europe, where he talks about the role of the business community in achieving the Paris Agreement.

Watch the full interview below: