COP28 presidency launches net-zero transition charter for private sector

The private sector across the world accounts for approximately 80 per cent of global GDP, as well as the bulk of the world's energy consumption and greenhouse gas emissions. With less than a month to go until the annual United Nations Climate Change Conference, the COP28 Presidency has come out with a charter to encourage the private sector to take bolder action on climate and commit to greater credibility and accountability in their net-zero emissions pledges. Called the 'Net-Zero Transition Charter: Accountability Mobilisation for the Private Sector’, it recognises the important role the private sector must play in combating climate change.

Sultan Al Jaber, President, COP28, says, “The private sector's engagement in COP28—their resources, expertise, and commitment—is vital in driving real-world action and achieving the ambitious climate goals set forth by the Presidency. For every pillar of our Action Agenda—fast-track the energy transition, fix climate finance, focus on nature, lives, and livelihoods, and full inclusivity—companies can leverage their strengths and resources to advance our collective climate goals and provide us with the required solutions.”

The charter will enable the private sector to take meaningful action on climate, track progress, and be held accountable. “We have strong collaboration with the private sector already in the consultation and development of many of the outcomes of the action agenda, and I encourage all eligible private sector organisations to make this commitment and sign the Charter today.”

The COP28 Presidency has called for a collaborative approach to reduce emissions by 43 percent in the next seven years, with all sorts of capital—public, private, and philanthropic sources—needed to help solve the emissions gap more effectively.

The Charter follows a technical report from the Global Stocktake on September 8, which showed that the world is off-track to keeping the goals of the Paris Agreement alive.

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