COP28: Business and Philanthropy climate forum reveals global partnerships

More than 500 business leaders, policymakers and philanthropic leaders are expected to attend the Forum, which is being held in the hopes of expediting climate solutions.

The partner organisations include the Sustainable Markets Initiative (SMI), the International Finance Corporation (IFC), the Organisation for Economic Co-operation and Development – Network of Foundations Working for Development (OECD-NetFWD), World Economic Forum (WEF), the Asian Development Bank, Africa Finance Corporation, the Bill & Melinda Gates Foundation, and XPRIZE.

COP28 President Dr Sultan Al Jaber said: “Businesses and philanthropists must play leading roles in meeting net-zero pathways and delivering sustainable development, and through the Business and Philanthropy Climate Forum (BPCF) at COP28, they will have a platform to do so.

“The BPCF is a key part of our Presidency’s agenda to help deliver concrete outcomes from the private and philanthropic sectors. We are committed to hosting a fully inclusive COP, and it would be impossible to do this without the vital input of our business and philanthropy communities.”

These global partners bring expertise and resources to the table, uniting in their commitment to developing strategies for the private sector to address the annual financing gap of more than $3trn required to achieve net-zero emissions, reverse nature loss, and restore biodiversity.

The collaboration will follow the COP28 Action Agenda, with a focus on expediting a fair and well-organised energy transition, addressing climate finance issues, centring nature, human well-being, and livelihoods in climate action, and ensuring comprehensive inclusivity as a foundational principle.

The global partners

The COP28 Presidency anticipates the partnerships to bring diverse expertise and resources to the Forum:

• The SMI will align global leaders to expedite progress in industry, investment, and country roadmaps
• The IFC from the World Bank Group will focus on green investments and mobilising capital for a resilient transition in emerging markets
• The OECD raises awareness about philanthropy’s role in climate action and will contribute to the Forum’s mission
• The WEF supports climate and nature action through its Giving to Amplify Earth Action (GAEA) initiative
• The Asian Development Bank is committed to enhancing collaboration in climate action in Asia and the Pacific
• The African Finance Corporation emphasises climate resilience in vulnerable regions, particularly in Africa
• The Bill & Melinda Gates Foundation advocates the potential of the business and philanthropic community to address climate challenges, especially for vulnerable communities
• XPRIZE incentivises innovative solutions to climate challenges, fostering competition and breakthroughs in climate action

The Forum will be held across both the COP28 Blue Zone and Green Zone, at the beginning of the two-week COP28 program that runs from 30 November to 12 December.

Countdown to COP28

With less than 50 days to go until COP28 begins in Dubai, edie is hosting a series of exclusive content and events to set the scene and keep readers informed of all the latest climate diplomacy developments.

As part of the edie Countdown to COP28 campaign, the COP28 Action Tracker from edie, exclusive to edie members, will provide a temperature check on global climate action, giving key updates from governments, businesses and other organisations ahead of the conference.