Heavy funding is lining up to tackle climate change – more businesses now need an action plan

Heavy funding is lining up to tackle climate change – more businesses now need an action plan

Dr Sultan Al Jaber’s appointment as President-designate of COP28, the UN Climate Change Conference, signals the importance of collaboration. Choosing the CEO of ADNOC positions the energy sector at the heart of global efforts to reach Net Zero. Dr. Al Jaber has called for a ‘major course correction’ to accelerate efforts to address the climate crisis. Governments cannot achieve that alone. It will require business action, particularly within the energy industry. Collaboration at an industry level, with finance, and with governments can shift the dial towards 1.5 degrees. Oil and gas companies and the broader energy sector could lead the transition to Net Zero. Energy companies possess the technical capabilities, financial firepower and talent to create new solutions required for energy transition. The pathway will vary by company and country. This will open new business opportunities, as solutions that work in one market could potentially have global applicability. Transition plans are the maps that will guide these changes required. While national country plans have been around for some time, attention is fast turning towards company-level transition plans in recognition of the critical role of the private sector. As the UAE prepares to host COP28, there is a unique opportunity for