Wrapping Up COP28

Dear Readers,

Wishing all of you a very happy, prosperous and sustainable 2024. As we enter the new year, it is critical to reflect on the significant moments and lessons learned at the Climate Change Summit, COP28 held in Dubai from 30 November to 13 December 2023. This was more than simply another environmental conference; it was a call to action, a reminder of the critical need to solve the pressing concerns of climate change that affects us all.

The summit in Dubai gathered together world leaders, environmental experts, and change-makers to give groundbreaking insights and innovative solutions to some of today's most difficult environmental problems.

This edition endeavors to present to you the summit's significant developments. The debates in Dubai, from ambitious policy proposals to disruptive technical developments, represent a big step forward in our global journey toward sustainability. We will try to extract the key points and understand what COP28 achieved.

We believe that comprehending the big picture of climate change gives us the knowledge we need to make educated decisions and put successful policies in place in our businesses and communities.

Let us carry the energy from the Climate Change Summit forward as we continue our journey in 2024. It is time for all of us, as individuals, corporations, and communities, to contribute to a more sustainable future. We need to remember that ‘Businesses cannot Succeed on a Failing Planet’.

'The UAE Consensus' was agreed upon which is a robust action plan to keep 1.5°C within reach, including an unprecedented reference to a just and orderly transition away from all fossil fuels to reach net zero by 2050.

Key Insights

• Beginning of the End - transition away from fossil fuels;
• Global Stocktake - emissions need to reduce by 43% and 60% by 2030 and 2035 compared to 2019 levels;
• Loss & Damage Fund (more than US$ 700 million committed);
• Tech. assistance to particularly vulnerable developing countries; commitments for the Least Developed Countries Fund & Special Climate Change Fund;
• Agreement to triple renewable energy capacity and double energy efficiency by 2030;
• Food security & agriculture - farming emissions to be included.

Other Highlights

• 85,000+ participants - diverse backgrounds showcasing climate action and pushing for greater urgency and ambition: the time for action is now;
• Climate finance took center stage at the conference;
• Financial pledges, however, far short of the trillions needed to fight climate change;
• Accelerating efforts to phase down coal power;
• Phasing out inefficient fossil fuel subsidies;
• Countries to share ambitious, economy-wide emission reduction targets in their NDCs by early 2025;
• Governments & leading businesses discussed accelerating commercial use of hydrogen to help keep 1.5C within reach;
• Sustainable Fashion Show hit the stage to spotlight how the fashion industry can play its part in keeping 1.5C in reach;
• 30+ countries participated in the Freshwater Challenge for protection and restoration of freshwater ecosystems;
• Reducing non-CO2 emissions (Methane) by 2030;
• Reducing road transport emissions;
• Global eCooking Coalition was launched to mobilize finance and accelerate electric cooking use;
• Prioritize Public Private partnerships.

Key Takeaways for Businesses

• strengthen reporting systems, ensure compliance requirements are met and be better prepared for stakeholder engagements and ESG disclosures;
• be aware of the shift in investor expectations as more and more investors now look at ESG ratings and sustainable investments;
• businesses should start adopting, adapting and integrating with advancements in sustainable technologies;
• develop strategies for reducing carbon footprint, start preparing for audits, footprint analysis and roadmap development for achievement of net-zero emissions;
• actively engage in community development strategies, ethical screening of supply chain management and develop goals aligning with global frameworks as UN SDGs etc.;
• conduct risk assessments and arrive at mitigation plans to manage their environmental impacts;
• facilitating leadership development and organizational cultural shift towards sustainability.

We hope that this issue not only informs but also motivates you to take an active role in this global crusade.

Together, let’s make a difference!

Warm regards,

Nalin Chandna

Founder & CEO

Leadership Solutions LLC