John W.H. Denton AO, Secretary General of the International Chamber of Commerce
Let’s get back on track to limit temperature increases to 1.5C: business can be a force for good.
As COP28 UAE begins, the world is at a crucial juncture. The urgency to combat climate change has never been greater and world business leaders can generate positive impact by showing our continued commitment to implement policies that adapt to and mitigate climate change.
In the lead-up to this COP28, I issued a call to climate ministers in a letter in which I urged them to show full determination and the political will to ramp up ambition for meaningful climate action.
I do not underestimate the social, political and economic uncertainties that we are witnessing during this period and understand the pressure that businesses and governments continue to face in making decisions that prioritise our efforts to address the climate emergency.
Despite these challenges, I have deep faith in the business community’s ability to work within a good framework of cooperation with governments to overcome any barriers that impede the deployment of climate solutions.
It is vital to note that while the global business community remains committed to following through on policies that mitigate climate change, private sector action alone will not be enough to reach our goal of limiting global temperature increases to 1.5 degrees Celsius in time to avert grave consequences.
COP28 provides a pivotal opportunity to enhance collaboration between the global business community and governments. I believe that this dialogue has the power to fast-track the implementation of the Paris Agreement and help us deliver on our global goals.
For this to happen, we are calling for these three core initiatives to be implemented:
1. An ambitious and forward-looking Global Stocktake (GST). A reliable and comprehensive framework for governments and businesses to drastically increase mitigation efforts in this decade and fast-track the world towards adopting responsible energy practices on a global scale.
2. A new action agenda to radically increase and scale up climate finance arrangements. We urge all parties to create a new action agenda to achieve the goal of raising US$100 billion for climate finance in developing countries. It is vital that businesses improve the global financial system to align with the Paris Agreement. Our goal is to create an environment where climate finance is both affordable and available in emerging markets.
3. Decisions which enable a full and swift operalisation of Article 6 of the Paris Agreement. While Article 6 of the Paris Agreement was not created with the intent to lead a global carbon price, we recognise its transformative potential in forging a more cohesive multilateral approach to carbon pricing. By operationalising Article 6, business and government leaders are empowered to set the foundation for a high-integrity cross-border carbon market, which encourages emissions reductions at the lowest possible costs to both businesses and consumers.
As you can see, the task before us is immense, urgent, and hugely challenging. The stakes for COP28 are high. The global business community needs governments and policymakers to show full determination and political will to build the conditions for success, moving beyond national positions and collaborating in our shared global interest. This is the energy we must bring to Dubai. As the representative of 45 million companies in 170 countries, the International Chamber of Commerce (ICC) is in a prime position to help fulfill the goals of the Paris Agreement. ICC remains a strong supporter towards climate solutions, and we welcome our continued partnership with global leaders in reaching global climate goals. ICC will be on the ground at COP 28 and we look forward to engaging in meaningful discussions with all participants.
