The inaugural Business & Philanthropy Climate Forum, a groundbreaking private-sector engagement platform within COP28, concluded its first day with the announcement of transformative climate and nature initiatives. The Forum, a dedicated space for global business leaders and philanthropists, showcased commitments to mobilize an impressive US$ 5 billion in collective funding.
The Forum brought together over 1,300 key stakeholders, including Heads of State, CEOs, philanthropists, and NGO leaders. This historic event marked a paradigm shift, establishing the first dedicated platform for private sector and philanthropy engagement in the COP process.
Philanthropy and Business
COP28 Special Representative for Business and Philanthropy, Badr Jafar, emphasized the potential of business and philanthropy to accelerate climate and nature goals. He described the Forum as an inclusive platform enabling concerted action, breaking down silos, and connecting leaders globally.
Key visionaries gathered for a panel discussion, highlighting the indispensable role of business and philanthropy in addressing environmental concerns. Distinguished speakers included Ajay Banga, President of the World Bank Group; Brian Moynihan, CEO of Bank of America; Ruth Porat, President & CIO of Alphabet and Google; and Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation.
Blended Finance Commitments
A panel on blended finance commitments saw leaders from the Green Climate Fund, Allied Climate Partners, and Allianz Global Investors announce a groundbreaking commitment to mobilize USD 5 billion. This unique blended finance structure aims to bring together philanthropies, development finance institutions, and the public and private sectors, unlocking a staggering USD 20 billion for climate transition in emerging economies.
Innovative Climate Solutions
Several private sector initiatives were unveiled for the first time in the official COP programme. These included the Climate Solutions Investment Platform, announced by Rishi Kapoor, co-CEO of Investcorp. Targeting USD 750 million, the platform aims to scale leading companies providing products, services, and technologies for decarbonization.
Ahmed Baghoum, CEO of Masdar City, introduced the Innovate for Climate Tech Coalition, a global initiative supporting climate-tech solutions with a focus on the Global South. The coalition aims to democratize access to knowledge, scale solutions, and spur further innovation.
Børge Brende, President of the World Economic Forum, announced the First Movers Coalition for Food. This coalition seeks to transform food supply chains, creating a combined procurement commitment valued at $10-20 billion USD by 2030 for sustainably produced, low-emission, and nature-positive agri-food commodities.
Anousheh Ansari, CEO of XPRIZE, showcased the impact of moonshot competitions, previewing the Coral Restoration and Energy Transitions moonshot, which aims to address climate and biodiversity challenges.
The Forum underscored the importance of aligning country, industry, and finance roadmaps and involving multilateral development banks and international financial institutions to create an enabling environment for private capital.
COP28 President Dr. Sultan Al Jaber expressed the significance of leveraging the private sector’s knowledge and resources, stating, “To fix climate finance, we must leverage the knowledge, resources, and power of the private sector to ensure we deliver necessary funding to those in need, particularly in the Global South. COP28 is committed to directing capital from multiple sources to meet the trillions required to attack emissions so we can all shepherd a just, orderly transition.”
The commitment and actions unveiled on the first day of the Business & Philanthropy Climate Forum set a powerful precedent for the role of the private sector in advancing global climate goals. As COP28 continues, these initiatives mark a significant stride towards building a more sustainable and resilient future.