On the 29 May, an event organized by the UN Climate Change High-Level Champion for COP28, HE Razan Al Mubarak, the Climate Champions Team, COP28 Presidency, and Dubai Chambers took place. ‘The Road to COP28: Driving Collective Action in the UAE’ provided local stakeholders and non-state actors (NSAs) an opportunity to learn more about the work of the High-Level Champions and the COP28 Presidency, including the Race to Zero and Race to Resilience campaigns and local alliances for climate action, as we inch closer to COP28.
The event welcomed remarks from H.E. Abdulla bin Touq Al Marri, Minister of Economy, UAE, Hassan Al Hashemi, Vice President of International Relations, Dubai Chamber and H.E. Razan Al Mubarak, who emphasized, “We are facing an increasingly precarious future due to climate change and nature loss, it is the role of the High-Level Champions to underscore, on a global level, that comprehensive climate action is an all-of-society mandate. As hosts of COP28, the UAE has a unique opportunity to unite our community in pursuing a net-zero, climate-resilient, and nature-positive future.”
Insights from local and global climate experts revolved around themes of adaptation and resilience, mitigation, and finance. These discussions yielded significant takeaways, further highlighting the importance of collective climate action.
Adaptation & Resilience
The event emphasized that adaptation is crucial across different sectors for business and industry, with a special focus on the importance of nature-based solutions. Participating organizations demonstrated their actions and made a strong business case for adaptation, pointing out that inaction could result in greater costs.
One of the initiatives discussed was the Insurance Adaptation Acceleration Initiative, illustrating the transformative potential of businesses. The initiative is currently recruiting local and regional insurance companies.
Mitigation
The need for mitigation and the clear business case for taking action were also key takeaways from the event. Setting net zero targets and starting now is crucial, underlined the event, to reducing climate impacts and future-proofing businesses against changing global and local policies.
The event also touched on global campaigns that provide a platform for setting net zero targets, such as The 2030 Breakthroughs. Companies that are starting their climate action journey were advised to join local initiatives like the UAE Alliance for Climate Action, the United Nations Global Compact Climate Change Accelerator Programme, and the UAE Ministry of Climate Change and Environment’s Climate-Responsible Companies Pledge.
Finance
The role of climate finance was discussed as a critical element of the Paris Climate Accords. The conversation touched on the importance of accelerating transformation and transition of the global economy, particularly energy systems, through investing in net zero, adaptation, resilience, and natural capital. The estimated global investments required to achieve the Paris Agreement’s objectives range between $3-6 trillion a year through to 2050, according to the Climate Policy Initiative.
Stakeholders, especially financial institutions, were encouraged to set interim targets and transition plans, join a Race to Zero Finance Partner alliance, engage with the Glasgow Financial Alliance for Net Zero (GFANZ), and support catalytic initiatives.
Moving forward
Participants, and beyond, are encouraged to carry forward the momentum from this event, continuing to take decisive steps towards climate action. Here are some of the recommended avenues:
Find out more about the work of the Climate Champions here.
For questions regarding COP28, please contact the COP28 Presidency team directly:
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