Key takeaways:
- ICC, representing global businesses, calls on governments at COP28 for decisive climate action.
- Global business community strongly supports the Paris Agreement and aims to limit global temperature increases to 1.5 degrees Celsius.
- Despite challenges like geopolitics and inflation, businesses remain dedicated to addressing climate change.
- Urgent need for COP28 to signal governments’ commitment to policy changes, crucial for business confidence in climate action.
- Key outcomes sought at COP28 include a robust global stock take, a new climate finance action plan, and full implementation of Article 6 of the Paris Agreement.
- ICC emphasizes that “business as usual is not an option” and urges all Parties to set foundations for an inclusive and prosperous net-zero future at COP28.
In a powerful message, the International Chamber of Commerce (ICC) spoke on behalf of global businesses at COP28 in Dubai, calling on governments to take decisive steps for a net-zero future that includes everyone and promotes prosperity.
The ICC emphasized its full support for the Paris Agreement and the goal of limiting global temperature increases to 1.5 degrees Celsius. Despite global challenges like geopolitical issues and inflation, the business community remains committed to tackling climate change.
Addressing any confusion, the ICC clarified, “Global business stands firmly behind the Paris Agreement goals, including limiting global temperature increases to 1.5 degrees Celsius.”
With a sense of urgency, ICC stressed the need for COP28 to send a clear signal to the real economy, showing that governments are committed to making necessary policy changes for businesses to accelerate climate action. This is crucial in the face of challenges affecting market and investor confidence.
The ICC outlined three key outcomes essential to COP28:
- Strong Global Stock Take: A thorough and forward-looking assessment should provide the basis for upgraded and investable Nationally Determined Contributions, aligning with the 1.5-degree goal.
- Climate Finance Action Plan: Governments must create a new plan to increase the deployment of climate finance, especially in developing countries. This includes addressing barriers to private investment in climate solutions.
- Article 6 Operationalization: Full implementation of Article 6 of the Paris Agreement is crucial. It enables the development of cross-border carbon markets that can speed up emissions reductions at the lowest possible economic cost.
The ICC concluded by emphasizing that “business as usual is not an option” and called on all Parties to the Convention to use the opportunity at COP28 to lay the foundations for an inclusive and prosperous net-zero future. This reflects the shared commitment of global businesses and governments to address the urgent challenges of climate change.◼
Business Bayani PH 
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