COP28 business philanthropy speakers, attended by Mena Impact

Business & Philanthropy Climate Forum in COP28: A Turning Point for Global Climate Action

The BPCF – Business & Philanthropy Climate Forum –  marked a significant turning point in the fight against climate change.  For the first time, the private sector was not just present, but its role as a key driver of change was acknowledged and celebrated. The Forum served as a platform for collaboration, knowledge sharing, and action planning on a global scale. This groundbreaking initiative, brought together over 1,300 global leaders from business and philanthropy. Notably, 40% of these delegates were women, showcasing a strong commitment to diversity in the fight for a sustainable future.  This unique forum, representing leaders from 82 nations, aimed to accelerate climate action and achieve net-zero emissions.

Insights and Highlights from the Forum

The BPCF offered a dynamic program featuring high-profile speakers, engaging panel discussions, and insightful roundtables. Here are some key highlights:

  • Catalytic Philanthropy: Bill Gates, Co-chair of the Bill & Melinda Gates Foundation, emphasized the crucial role of philanthropy in funding innovative solutions that may not be attractive to businesses or governments initially. These investments, often focused on developing countries, can have a significant long-term impact.
  • Community of Climate Philanthropists: Discussions called for the creation of a collaborative network of climate philanthropists. This network would strategically allocate resources to maximize impact and ensure alignment with global climate targets. There’s a clear recognition that philanthropy currently allocates only 3% of funds towards climate and environment, highlighting the need for a significant shift.
  • Nature on the UN Security Agenda: Johan Rockström, from the Stockholm Resilience Centre, advocated for placing nature preservation on the UN Security Council agenda, recognizing its importance for both development and security. Frameworks like SBTN and TNFD were also discussed, offering methodologies for businesses to set science-based nature targets.
  • Green Jobs and Skills Gap: Allen Blue, co-founder of LinkedIn, highlighted the growing discrepancy between the increasing demand for green jobs (up 25%) and the lagging development of green skills (only a 9% increase). This gap poses a significant challenge to the effectiveness of climate action plans.
  • Financial Access for Indigenous People: A roundtable discussion, led by UN High Level Climate Champion Razan Al Mubarak, addressed the critical issue of financial access for indigenous communities who play a vital role in protecting natural habitats. This session exemplified COP28’s commitment to inclusivity.



Outcomes and Announcements

The BPCF resulted in several significant outcomes and announcements:

  • $7 Billion in New Capital Committed: The Forum facilitated the commitment of over $7 billion in new capital towards climate action, with a long-term catalytic impact estimated at $20 billion.
  • Legacy Roadmap for Collective Action: Business and philanthropy leaders collaborated with multilateral development banks to develop a series of initiatives aligned with the four pillars of COP28. These initiatives aim to leverage private sector resources for progress on achieving net-zero emissions and nature-positive outcomes.
  • Actionable Initiatives: The BPCF brought together some of the world’s brightest minds to discuss practical solutions. Initiatives like the First Movers Coalition, which creates a market demand for clean technology solutions, and the Sustainable Markets Initiative’s Water Taskforce, which focuses on water infrastructure investment, showcase the concrete actions emerging from the Forum.

Mena Impact’s Commitment to a Sustainable Future

Mena Impact’s CEO, Nadine Zidani, actively participated in the BPCF, gaining valuable insights and forging new partnerships.  Mena Impact is dedicated to working alongside businesses, philanthropists, and policymakers to create systemic change in the MENA region and beyond. 

The BPCF has set a new standard for collaboration between the public and private sectors in addressing climate change. We, as Mena Impact, are committed to carrying forward the momentum generated by the Forum and working towards a more sustainable future for all.

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