Planet Mark Launches Free Events on Net-Zero Policy and COP28
ThisWeekinFM Partner Planet Mark is hosting two free online events for those interested in climate change policy and how will it will affect...
Read Full ArticleTWinFM partner Planet Mark breaks down why COP28 is a big deal and how your business can get involved.
In a rapidly changing world, COP28 takes on a crucial role in addressing the climate crisis in 2023, highlighting the need for renewed international cooperation. With record-breaking temperatures and the increasing impact of extreme weather events like wildfires, floods, storms, and droughts worldwide, the urgency of addressing climate issues has never been clearer.
The United Nations’ annual climate conference, which brings together over 140 world leaders, ministers, and negotiators, is set to deliberate on how to tackle climate change. The focus of COPs has been on implementing the Paris Agreement since its signing at COP21 in 2015, with its primary objectives: keeping global average temperature rise “well below” 2°C and striving for a limit of 1.5°C above pre-industrial levels, adapting to climate change and building resilience, and aligning finance with a pathway toward low greenhouse gas emissions and climate-resilient development.
This year, COP28 will be hosted in Dubai and will take place between 30th November – 12th December, with a strong focus on global progress since adopting the Paris Agreement.
It is crucial for businesses to closely follow the event as the decisions made here will ripple into national policies, impacting organisations of all sizes. Our trusted partners Planet Mark breaks down why COP28 is a big deal and how your business can get involved.
Before we look ahead to COP28, it's essential to reflect on the outcomes of COP27, which played a significant role in shaping the ongoing global efforts to combat climate change. COP27 yielded both achievements and challenges, shaping the path for the next chapter in the fight for a more equitable and sustainable world.
Some of the most notable outcomes from COP27 were:
As usual, there were a raft of notable announcements / updates from outside the official summit, including:
COP27 saw some positive progress with the Sharm El Sheikh Implementation Plan, loss and damage funding agreement, low emissions and renewable energy commitment, and adaptation funding increase. However, the challenges and uncertainties left much to be desired. Now, let’s delve into what COP28 has in store.
COP28 will build upon the decisions made at COP27 and marks the conclusion of the UN’s first-ever ‘Global Stocktake.’ This stocktake will determine the progress (or lack thereof) of countries in achieving the goals set out in the Paris Climate Agreement.
Once again, leaders and civil servants from across the globe will convene to negotiate new international climate agreements and set their own plans, called Nationally Determined Contributions (NDCs), outlining each nation’s commitments to reduce carbon emissions.
COP28 holds substantial relevance for businesses because of the way that agreements made during the summit will cascade down into national targets, laws, regulations, and policies that will trickle down to affect organisations. For example, the UK Government’s legally binding net-zero target and emission reduction commitments are the result of participation in COP summits, which in turn causes government and regulatory bodies to require businesses in the UK to work toward their own net-zero targets to achieve this. It also cascades into much more targeted sustainability-related legislation, like phasing out petrol/diesel vehicles, energy efficiency requirements and even Extended Producer Responsibility for packaging.
All of this means that larger corporations, with their significant Scope 3 emissions, will need to work with their suppliers to set their own net-zero commitments. Why? because the cascade of policies and regulatory requirements for net-zero will lead to their biggest customers approaching them for carbon footprint data and net-zero action plans, which can be seen in recent announcements by brands like Sodexo.
Although there are currently no direct government regulations affecting small and medium-sized businesses, they may be swiftly impacted due to the trickle-down effect of international agreements.
Don’t miss the opportunity to shape your business strategy for the year ahead! Join Planet Mark on 14th December for the COP28 Business Debrief event and learn how the outcomes and announcements around COP28 will influence your business and get insights on staying connected and informed in the lead-up to COP29.
Picture: a photograph showing the flags of countries who are members of COP/ Image Credit: UNFCCC
Article written by Planet Mark | Published 23 November 2023
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