COP28 – A Reality Check on Climate

The COP remains an annual cornerstone for international cooperation on climate change. After the goal of the Paris Agreement from 2015 ratified by 198 countries, COP28 is a pivotal moment of evaluation on how far we have come in tackling climate change and how much course correction is needed. Stakes have never been higher. This gathering will delve into critical topics of mitigation and adaptation through the Global Stocktake (GST). The GST is a comprehensive assessment of collective progress towards the Paris Agreement goals, providing a much-needed reality check on our journey to a sustainable future.

High Hopes for a Reality Check

More than 60,000 people are expected to come together in Dubai, and the expectations are high. The Paris Agreement mandates a regular evaluation of global climate action called Global Stocktake (GST), which will, for the first time, occur in the COP28 and after that every five years. The process begun at COP26 in 2021, and at last this November in COP28, the procedure is ending to conclude how far we have come to guide countries towards more ambitious and accelerated climate plans to realistically reach the goal of limiting global warming to 1.5 degrees.

High Urgency in Front of Glooming 3 Celsius Warming

Many tipping points have been crossed, and alarms have been raised since the Paris Agreement, with projections of the current level of action leading to 3 degrees of warming. We expect to see increasing demand for even more ambitious climate action. In the EU, many mechanisms have already been set and planned regarding regulations to drive change, but even more must be done in the face of climate change. 

Still, the 1.5-degree Goal Can Be Achieved to Avoid the Worst Consequences

COP presents an immense motivation for finding solutions as every single country must come to agree on the decisions made. However, given that it is an agreement involving 198 countries, what is decided represents the bare minimum and does not encompass everything that we should undertake. As our existence is at stake, we as companies must do all we can to avoid the worsening consequences of climate change, which includes:

·      Reducing emissions globally by 45% until 2030

·      Reaching Net-zero 2050

·      Putting in place mechanics and investments to support the transition and resilience in front of climate destruction.

·      Ensuring just transition, where no one is left behind.

Leaving No One Behind

The recent events of war and recession have shown the direct link between social well-being and climate action, as progress has halted in parts of the world. The president of COP 28 has raised a need for climate action, which leaves no one behind. On one hand, concerns about Dubai's own human rights violations have been raised. In addition, while the global north holds a significant influence, it often bears the least immediate cost regarding societal impacts, health, and changes in living environments. COP28 must address this imbalance, ensuring that the burdens and benefits of climate action are equitably distributed across nations. A sustainability transition that leaves no one behind requires transforming our deeply rooted economic, social, and political systems, governance structures, and business models at all levels. We hope the conference delivers on this promise both locally and globally.

To conclude, in the light of COP 28, let us embrace the complexity of our global challenges and recognize the need for an interconnected holistic approach as well as the pivotal role that each stakeholder, especially businesses, plays in steering us toward a sustainable future. Impaktly is committed to being at the forefront of these transformative conversations, offering guidance and strategies that meet regulatory requirements and go beyond, creating a resilient and sustainable business landscape for future generations. Let's turn the tide together and secure a brighter future for our planet.