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Scheduled to convene in Dubai, this landmark event is poised to significantly influence the landscape for businesses across the globe. As nations converge to confront urgent climate challenges, the implications for businesses are multifaceted and profound.
One of the primary impacts of COP28 on businesses will likely stem from intensified regulatory changes. Expectations are high for increased measures aimed at curbing carbon emissions. Consequently, businesses will need to swiftly adapt to evolving environmental regulations and compliance requirements. Those that have already embarked on a journey towards sustainability may find themselves better positioned to navigate these changes.
Moreover, COP28 is anticipated to reinforce the trajectory towards a low-carbon economy. With a growing emphasis on limiting global warming to 1.5°C, companies will face mounting pressure to scrutinize their operations and supply chains. Embracing renewable energy sources and integrating sustainable practices will no longer be optional but imperative for long-term viability.
In parallel, the conference is poised to unlock a wave of investment opportunities (including a public-private partnership amounting to $4.5 billion to help African government). As nations escalate efforts to combat climate change, investments in green technologies and sustainable solutions are expected to surge. Companies operating within renewable energy, clean technology, and sustainable infrastructure sectors stand to benefit immensely. However, businesses outside these sectors are also likely to witness increased access to funding by aligning with sustainability goals.
Furthermore, discussions on supply chain resilience are forecasted to take centre stage at COP28. Businesses will be prompted to assess the vulnerability of their supply chains to climate-related risks. Diversification, sustainable sourcing practices, and collaborations with environmentally responsible suppliers will become imperative strategies for building resilience against potential disruptions.
Innovation and research and development are expected to be pivotal focal points. COP28 is likely to stimulate a surge in emphasis on developing sustainable technologies. Companies can position themselves as leaders by investing in research and development for low-carbon products and services, thereby staying ahead in an increasingly competitive landscape focused on sustainability.
However, while COP28 represents a landmark opportunity for global climate action, businesses are urged not to solely rely on conferences for catalysing change. More proactive action, driven by businesses and municipalities, are real drivers for change.
In summary, as COP28 gets underway this week, we hope that it is not just another conference; rather it’s a defining moment that beckons businesses to recalibrate their strategies, embrace sustainability, and proactively contribute to a more climate-resilient future. By taking bold steps now, businesses can not only mitigate risks but also position themselves as pioneers in driving positive change for the planet and future generations.
Georgina Murrin is a ESG Analyst in Itriom’s London Office.
Itriom is the global impact platform helping leading families shape a better world. Itriom’s platform enables families to refresh and redesign their values, aligns them with the right UN Sustainable Development Goals, combining them in an agreed purpose and a Family Impact Charter. Itriom’s platform supports the development of impact initiatives and whilst providing discrete and secure spaces for peer-to-peer messaging and collaboration. Itriom’s core practices in Leadership, Geostrategy, and Sustainability benefit clients by developing strategies to engage and support the Next Generation in building a lasting legacy of which families can be proud.Â
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