The private sector - transforming vision into action

By Jennifer Jordan Saifi, CEO, Sustainable Markets Initiative?

We are standing at the edge of a precipice, with 2023 set to be the hottest year recorded in human history, there is no denying the extent of the climate and biodiversity crisis.? It is clear change is needed and needed fast.

COP28 is just a week away, and while this daunting backdrop must inform the conversation and drive tangible change, it is not the sum total of the story. Action is taking centre stage and therein lies hope. ?

At the Sustainable Markets Initiative, we understand and champion the power of the private sector to convene and mobilise progress; and while governments have a crucial role, they alone (indeed no single entity) can shoulder the responsibility for solving the climate crisis – it is a universal challenge that knows no borders, it is impacting us all, and as such we all have a part to play. ?

This year’s inaugural COP28UAE Business & Philanthropy Climate Forum will build on the foundations of what the Sustainable Markets Initiative started with our Terra Carta Action Forums at COP26 and COP27, bringing public and private sector actors together to focus on how to bridge the gap between ambition and action. Collaboration is not optional, it is essential to achieving meaningful progress, and offers us all an opportunity to re-imagine what is possible. ??

The private sector should be seen as a multifaceted partner; it not only has trillions of dollars available to mobilise, but it has a broader ability, power and the resource to rethink traditional structures, and transform operations, not just at an entity-level, but across industries and countries. We are seeing this potential materialise through the work the Sustainable Markets Initiative and our members are driving each and every day; whether that’s developing solutions to transform financing and investment approaches to support nascent projects within the natural capital sector , or scale players mobilising capital , to enhancing insurance access for climate-vulnerable countries , or developing new, innovative cross-industry partnerships that will accelerate the transition to net zero healthcare .? The private sector has a unique ability to drive genuine outcomes at pace. It is therefore imperative that it is not just seen to be, but is an equal partner around the table, embracing the climate challenge and helping to drive systemic change. This isn’t about new, empty commitments, there is no time for that – it is about accountability and delivering tangible results.???

Where COP26 fired the starting gun on what was to be a decade of ambition and action, this COP28 will provide a platform to bring to bear that story. Hosted in Dubai, a thriving city that embodies all that can be achieved through the powerful combination of inspiration, innovation and investment, it will shine a light on those promises, hearing from actors - private and public alike - about what they are doing; the innovations, the opportunities, and challenges; how they are raising the bar and holding themselves to account and how we can collectively work together to ensure we continue to build momentum.??

The private sector is a fundamental enabler in this story. Looking at what we are doing at the Sustainable Markets Initiative I see hopeful examples of our industry task forces collaborating in new and ground-breaking ways, engaging at an industry and country level to drive real-economy action towards a sustainable future; I see examples of innovation, inspired by art, design and science coming together through our Terra Carta Design Lab , being brought to market as viable solutions to help solve for some of the greatest climate challenges. In the face of this increasingly devastating crisis, I see a story of hope, a story of partnership, a story of potential.??

As we step into COP28, with the eyes of the world upon us all, from private sector CEOs to world leaders, we all recognise the enormity of the challenge ahead, but I am excited about the change and opportunities we can collectively realise.? Together, we can transform vision into reality, ambition into action and it is in this potential that lies the hope we can trust and embrace to push us further and make sustainability the growth story of our time.

Read more about the work of the Sustainable Markets Initiative https://www.sustainable-markets.org/ ?

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