What’s Next After COP28: Key Points for Business
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Climate Change

What’s Next After COP28: Key Points for Business

17 January 2024 / Report

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UN climate talks at COP28 ended with a historic agreement to “transition away from fossil fuels.” Though the deal was criticized by many climate-vulnerable nations and climate and poverty campaigners for containing loopholes that could weaken its impact on emissions, it was nevertheless more than many thought possible even just a couple of years ago.

Trusted Insights for What’s Ahead™

  • The clean energy transition is gaining momentum. COP28 (held in December 2023 in the UAE) clearly marked a shift towards reducing global dependence on coal, oil, and gas. Ambitious global targets, endorsed by over 120 countries, to triple renewable energy capacity by 2030 signal significant progress in the transition to cleaner energy sources and the reduction of greenhouse gas emissions.
  • The food and agriculture industry are under increasing scrutiny. COP28 marked a significant shift in UN climate negotiations by focusing on the impact of food and farming on climate change. A total of 159 governments committed to integrate agriculture into national climate plans by COP30 scheduled for 2025, while large multinationals such as Danone and Nestlé agreed to disclose their methane emissions.
  • With COP28 putting the spotlight on new themes including food, trade, and health care, businesses will need to monitor the rapidly evolving policy and regulatory landscape. In addition, the clock is now ticking towards the 2025 deadline for countries to submit more ambitious climate change plans (known as Nationally Determined Contributions, or NDCs), which will impact how business is conducted, monitored, and regulated within
    national borders.

UN climate talks at COP28 ended with a historic agreement to “transition away from fossil fuels.” Though the deal was criticized by many climate-vulnerable nations and climate and poverty campaigners for containing loopholes that could weaken its impact on emissions, it was nevertheless more than many thought possible even just a couple of years ago.

Trusted Insights for What’s Ahead™

  • The clean energy transition is gaining momentum. COP28 (held in December 2023 in the UAE) clearly marked a shift towards reducing global dependence on coal, oil, and gas. Ambitious global targets, endorsed by over 120 countries, to triple renewable energy capacity by 2030 signal significant progress in the transition to cleaner energy sources and the reduction of greenhouse gas emissions.
  • The food and agriculture industry are under increasing scrutiny. COP28 marked a significant shift in UN climate negotiations by focusing on the impact of food and farming on climate change. A total of 159 governments committed to integrate agriculture into national climate plans by COP30 scheduled for 2025, while large multinationals such as Danone and Nestlé agreed to disclose their methane emissions.
  • With COP28 putting the spotlight on new themes including food, trade, and health care, businesses will need to monitor the rapidly evolving policy and regulatory landscape. In addition, the clock is now ticking towards the 2025 deadline for countries to submit more ambitious climate change plans (known as Nationally Determined Contributions, or NDCs), which will impact how business is conducted, monitored, and regulated within
    national borders.
  • Uncertainty persists for carbon markets as negotiators at the climate talks were unable to finalize rules for international high-quality carbon credits trading. This uncertainty delays the launch of a central system for countries and companies to begin offsetting their carbon emissions and trading those offsets.
  • COP29 will address the gap in climate-related finance. COP29, slated for late November 2024, will prioritize establishing a new post-2025 climate finance target for developing countries by developed nations. Additionally, the conference could also see further development of finance issues discussed informally in Dubai, such as taxation of high-emission sectors as part of ongoing efforts to fund support climate action and development.
  • The European Union will continue with its multifaceted approach to implement the outcomes of COP28. We are likely going to

Authors

Catherine Early

Catherine Early Catherine Early

Research Fellow, Governance & Sustainability Cente…
The Conference Board

Read Bio

Anuj Saush

Anuj Saush Anuj Saush

Head, TCB Advisory International
The Conference Board

Read Bio

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