The Insight: on COP28 and climate change

COP28 starts tomorrow! Here are our latest insights on climate change and the energy transition.

Is the UK on track to hit net zero targets?

The current levels of change aren’t enough to see us hit net zero globally by 2050. There’s better news in the UK, where early adoption of renewables means we’re almost halfway to net zero. But that progress could stall as we look to tackle emissions in harder to abate sectors, including transport, buildings and industry. Our ‘2023 Net Zero Readiness Report’ looks at the steps being taken by 24 countries and across key sectors to reduce greenhouse gas emissions.

KPMG Net Zero Readiness Report

Ten challenges hindering renewable energy

If we’re going to hit net zero, we need to accelerate the deployment of renewable energy. But that’s being held back by market barriers and government policies, according to a new KPMG survey on renewables. 84% of respondents say current market challenges are causing substantial delays or even abandonment of projects in some cases. The report details ten challenges that are hindering the scale-up of renewable energy – from supply chain issues to access to capital – and provides next steps.

Turning the tide in scaling renewables

The next gen of leaders holds the answers

The next generation of leaders have valuable insights on how we can hit our commitments on climate change. But are you listening? Only 28% of 18–24-year-olds believe their voices are heard at leadership levels. There are practical steps you can take to turn that around. These range from sponsoring forums where young professionals can connect to putting in place formal governance processes so that their voices are heard by the Board. Our ‘Leaders 2050: Net Zero Influencers’ report provides five actionable recommendations for amplifying the voices of young professionals.

Leaders 2050: Net Zero Influencers

What does COP28 mean for UK businesses?

We’re expecting a big focus of COP28 to be on how we can accelerate the energy transition. On our next ‘Insights for leaders’ event, we’ll get the views of Lamé Verre , Head of Strategic Innovation & Sustainability (GB, ROI, NI), SSE Energy Customer Solutions. We’ll also be joined by Simon Virley CB FEI , our Vice Chair and Head of Energy and Natural Resources, who’ll discuss how we can scale renewables. Bridget Beals , Head of Decarbonisation, Climate & Nature, will provide insights on what you can do to ensure your business and supply chain are resilient to climate change. And Richard Andrews , Head of UK ESG, will set out what organisations need to do to comply with changing climate regulations, and outline green financing options.

Digital event: COP28 and what it means for business

Where are you with your transition plan?

On our recent transition planning webinar, almost a third of participants said they haven’t planned to disclose their transition plan yet. A fifth were waiting to see how the Transition Plan Taskforce framework fits with other sustainability reporting requirements. Just 17% are planning to make their first disclosure in the next 12 months. What’s holding them back? Our audience identified three key issues: difficulty building a business case, engaging with stakeholders and translating ambition to action. The answer? A third wanted more resources for their sector on what ‘good’ transition planning looks like.

Transition planning panel discussion with the FCA and E3G

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To discover what we’ll be doing during COP28 and find out how we can break down the barriers to climate action, visit our COP28 resource centre .