The doors closed on COP28 after nearly two weeks of negotiations in Dubai, United Arab Emirates. This year's conference was the first "global stocktake" - a review of global climate action to date and a "step-up" of the ambitions needed before the end of the decade to meet the COP21 ("Paris Agreement") mandate for temperature targets. The inventory found that global greenhouse gas emissions need to be reduced by 43 % by 2030 compared to 2019 levels to keep the global temperature increase within 1.5^about C limit. The agreement reached at COP28 (decision) aims to trigger stronger climate action plans in the next round of Parties' Nationally Determined Contributions (NDCs), due by 2025. The decision will have implications for industry in line with further announcements and outcomes at COP28 and the private sector, particularly in relation to Environmental Social Affairs and Governance (ESG) – see our key takeaways below. (Julie Vaughan, Jennifer A. Smokelin, Todd O. Maiden)