Leaders discuss the private sector’s role in the first global stocktake for climate

Leaders discuss the private sector’s role in the first global stocktake for climate

$5 billion in new commitments from business to support net zero and nature positive goals Dubai: On day 5 of the official COP28 program, the United Nations Framework Convention on Climate Change (UNFCCC) held a high-level session to discuss the crucial role that the private sector along with innovation and technology must play in the implementation phase after the first Global Stocktake that was revealed at COP28. The high-level session convened discussants including Anna Kruip, UN Global Compact; Jason Williams, Citibank; Sarah Penndorf, Google; and Leen Govaerts, VITO, to highlight the contributions of the private sector in terms of research and development, technology innovation, inclusive financial instruments, and collaborative approaches in the first Global Stocktake process. In a keynote speech to open the session, Badr Jafar, COP28 Special Representative of Business & Philanthropy and CEO of Crescent Enterprises, highlighted the pressing need for the private sector’s active engagement in the COP process, stating: “As the COP28 Presidency continues to emphasise, we are clearly not where we need to be in our collective ambition to keep 1.5 Celsius within reach, and we must act decisively to get back on track.  And this can only happen if business and philanthropy stakeholders play