Key leaders in business and philanthropy joined today at COP28 with leaders of multilateral development banks and political leaders from emerging economies to announce a range of initiatives to harness the resources of business and philanthropy for climate action.<\/p>\n
The second day of the inaugural COP28 Business & Philanthropy Forum included key announcements on nature conservation, the energy transition, along with a methane reduction accelerator and an initiative to decarbonize healthcare supply chains.<\/p>\n
The day opened with a keynote address by Kristalina Georgieva, Managing Director of the International Monetary Fund (IMF), who provided insight into how business and philanthropic leaders can work with global organizations to accelerate a just transition to a greener economy.<\/p>\n
There were also sessions on the impact of philanthropy, where Bill Gates, co-chairman of the Bill and Melinda Gates Foundation, Ray Dalio, founder of Bridgewater Associates, Dr. Precious Motsepe, co-founder and CEO of the Motsepe Foundation. , and HE Abdul Aziz Al Ghurair, Chairman of the Abdulla Al Ghurair Foundation for Education.<\/p>\n
A discussion on financing the transition, which included Odile Renaud-Basso, President of the European Bank for Reconstruction and Development, Dilhan Pillay Sandrasegara, CEO of Temasek Holdings, and Dr. a mixed-funding platform backed by Ahmed Saeed, CEO of Allied Climate Partners, and International Finance Corporation as one of the investors.<\/p>\n
With opening remarks by Jesper Brodin, CEO of Ingka Group, IKEA, the forum also featured a keynote discussion on energy, which explored how the sector and other high-emissions industries can work with policymakers to spur large-scale action to advance a just energy transition. and reduce emissions while providing affordable energy to support the development of all economies and people. The session featured high-level speakers including Mohamed Jameel Al Ramahi, CEO, Masdar, Marco Arcelli, CEO, ACWA Power, and Juliet Davenport, President of the Energy Institute, with closing remarks by President Dr. Rajiv Shah
, The Rockefeller. Foundation.<\/p>\n
COP28 Special Representative for Business and Philanthropy and Chair of the COP28 Business & Philanthropy Climate Forum, Badr Jafar, commented on the forum and the role that the private sector must play in climate and nature: "Governments simply do not have the capital available, or the ability to independently implement climate change. To move from the billions we have to the trillions we need, we need urgent, unprecedented, public, business and philanthropic collaboration to deliver. The Business & Philanthropy Climate Forum represents a paradigm shift that recognizes this opportunity and brings together diverse stakeholders in a way that creates a multiplier effect on the impact of climate and nature. The private sector is increasingly realizing that embracing a sustainable and just future, leaving no one behind, is the growth story of our time.\u201d<\/p>\n
The day also included meetings on the media and climate, on the use of nature to influence the climate, on the built environment, space and climate, on the effects of climate on health, and a presentation where entrepreneurs in the field of climate presented their ideas to investors.<\/p>\n
Among the initiatives announced at the forum were:<\/strong><\/p>\n \u00a0<\/strong>Enteric Fermentation R&D Accelerator<\/strong><\/p>\n Andrew Steer, CEO, Bezos Earth Fund, in partnership with Methane Hub, CIFF, Quadrature Climate Foundation, Danone announced a $250 million enteric fermentation research and development accelerator to accelerate methane mitigation in animal production.<\/p>\n <\/p>\n Data for the campaign against methane<\/strong><\/p>\n Kate Hampton, CEO of CIFF in partnership with Global Methane Hub, High Tide Foundation, Bloomberg Philanthropies, Bezos Earth Fund announced The Data for Methane Action Campaign, a $100 million campaign to turn methane data into action.<\/p>\n <\/p>\n Join the planet<\/strong><\/p>\n Alex Avellanet, Board Member of 'Join the Planet', introduced the global movement committed to turning discarded materials into valuable products and reusing them to fund initiatives around the world that can protect, restore and regenerate natural ecosystems through collaboration with local communities. The global movement is supported by the legendary Lionel Messi.<\/p>\n <\/p>\n Coalition of First Movers<\/strong><\/p>\n Opening remarks were delivered by Secretary John Kerry, US Special Presidential Envoy for Climate, and Borge Brende, President of the World Economy for the First Movers Coalition meeting, where the CEOs of Volvo Group and Norsk Hydro announced a new partnership to jointly develop a plan towards delivering near-zero aluminum in in 2030.<\/p>\n <\/p>\n Health for the climate<\/strong><\/p>\n Leaders have committed to advancing ambitious Net Zero goals across healthcare system supply chains. The health impacts of climate change will include more cases of heat stress, infectious diseases and malnutrition. The initiative, announced by Pascal Soriot, CEO of AstraZeneca, will aim to minimize the global health system's contribution to the increased health burden it will ultimately face.<\/p>\n <\/p>\n Nature positive for climate measures<\/strong><\/p>\n JE Razan Al Mubarak, President of the International Union for Conservation of Nature (IUCN) and UN High-Level Champion on Climate Change, and Manuel Pulgar-Vidal, champions of the CBD Nature Action Agenda, announced the impact of the Nature Positive for Climate Action Challenge to over 150 people businesses and financial institutions committed to the call to action to contribute to a whole-of-economy approach to economic\/societal transformation to meet climate and nature goals, recognizing the importance of activating the ambition loop to strengthen the parties' actions and give us on the way to meeting the goals of the Paris Agreement in view of the results of the global inventory.<\/p>\n <\/p>\n Indigenous People's Initiative<\/strong><\/p>\n Hindou Ibrahim, Chair of the International Indigenous Forum on Climate Change, announced a call to action to provide direct funding to indigenous peoples and organizations to join forces to protect and restore nature and biodiversity.<\/p>\n <\/p>\n ONE AMAZON & ONE AMAZON Impact Fund<\/strong><\/p>\n Rodrigo Veloso, Founder and CEO of ONE AMAZON and Peter Knez, Chairman of the Board of ONE AMAZON announced the creation of ONE AMAZON and ONE AMAZON IMPACT FUND (OAIF), the first multi-billion dollar natural asset-based platform that benefits all stakeholders parties while creating a lasting impact on the preservation of the Amazon rainforest.<\/p>\n <\/p>\n New Super Pollutant Funding<\/strong><\/p>\n Christie Ulman, president of the Sequoia Climate Foundation, in partnership with the Global Methane Hub and other philanthropies, announced new $450 million in super-pollutant funding to help countries incorporate all non-CO2 greenhouse gas emissions into their new 2035 NDC targets and leverage additional resources to triple climate financing in this category by 2030.<\/p>","protected":false},"excerpt":{"rendered":" Key business and philanthropic leaders joined leaders of multilateral development banks and political leaders from emerging economies at COP28 today to announce a range of initiatives aimed at leveraging business and philanthropic resources for climate action. 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