COP28

The U.S.-U.A.E. Business Council congratulates the U.A.E. under the leadership of H.E. Dr. Sultan Al Jaber, President of COP28, and all of the parties to the conference on a successful COP28, held in Dubai from 30 November – 12 December 2023. The Business Council commends the historic agreement signed by over 200 countries on the first approved plan to transition away from fossil fuels and prioritize renewable energy sources. The following key outcomes of the global climate action across the four pillars set by the COP28 Presidency are historic at this COP: i) fast-tracking a just, orderly, and equitable energy transition; ii) fixing climate finance; iii) focusing on people, lives, and livelihoods; and iv) underpinning everything with full inclusivity

Please click here for the full Summary of Global Climate Action at COP28.
 
Key takeaways and notable announcements are below:

Agreement to Transition Away from Fossil Fuels

• The United Nations Climate Change Conference (COP28) closed with an agreement that signals the “beginning of the end” of the fossil fuel era by laying the ground for a swift, just, and equitable transition, underpinned by deep emissions cuts and scaled-up finance. Please see here for the official press release.

Creation of the ALTÉRRA Fund

• The United Arab Emirates announced a $30 billion commitment to the newly launched catalytic climate vehicle, ALTÉRRA, that will drive forward international efforts to create a fairer climate finance system, with an emphasis on improving access to funding for the Global South. BlackRock, Brookfield, and TPG stepped in as inaugural launch partners. Please see here for the official press release.

 
Adoption of the Loss and Damage Fund

• COP28 delegates agreed to formally establish a loss and damage fund to support especially vulnerable countries dealing with the effects of climate change. The U.A.E. pledged to contribute $100 million to the fund and the United States pledged to contribute $17.5 million to the fund. Please see here for the official press release.

 
Declaration to Triple Nuclear Energy by 2050

• Signed by 22 countries, the Declaration recognizes the key role of nuclear energy in achieving global net-zero greenhouse gas emissions by 2050 and keeping the 1.5-degree goal within reach. Core elements of the declaration include working together to advance a goal of tripling nuclear energy capacity globally by 2050 and inviting shareholders of international financial institutions to encourage the inclusion of nuclear energy in energy lending policies. Please see here for the official press release.

 Launch of the Global Cooling Pledge

• Over 60 countries signed the Pledge with commitments to work together with the aim of reducing cooling-related emissions across all sectors by at least 68% globally relative to 2022 levels by 2050. Please see here for the official press release.

 
Launch of the COP28 U.A.E. Declaration on Climate and Health

• Endorsed by 123 countries, the Declaration covers a range of action areas at the nexus of climate and health, including building more climate-resilient health systems, strengthening cross-sectoral collaboration to reduce emissions and maximize the health benefits of climate action, and increasing finance for climate and health solutions. Signatories have also committed to incorporate health targets in their national climate plans and improve international collaboration to address the health risks of climate change, including at future COPs. Please see here for the official press release.

 Please click here to access the full list of announcements made at COP28.

The Business Council is proud to have supported COP28 throughout the two weeks, through a series of events hosted at COP28 listed chronologically below:

• On Thursday, November 30^th, the Business Council hosted a closed-door discussion on Sustainable Finance in the Chairman’s Boardroom of ADGM as part of Abu Dhabi Finance Week 2023. The conversation focused on overcoming the risks associated with sustainable finance and the role of policies and regulations in incentivizing investment in sustainable projects, including through public-private partnerships. Please see here for more details.
• On Sunday, December 3^rd, the Business Council hosted a luncheon discussion with a delegation of U.S. Mayors from the States of New York, New Jersey, Michigan, and Missouri, led by Ambassador (Ret.) Nina Hachigian, who traveled to the U.A.E. to attend COP28. The conversation centered on partnership opportunities between the U.A.E. and cities in the United States and served as a forum for the delegation to directly engage with prominent U.A.E. sovereign wealth funds, family offices, and private sector institutions. Please see here for more details.
• On Sunday, December 3^rd, the Business Council hosted a panel titled “Healthy People and Planet” at the First Abu Dhabi Bank Pavilion in the COP28 Green Zone. This panel coincided with the first-ever health-themed day at COP and featured speakers from DHA and industry leaders who discussed the role of public-private partnerships in mitigating the impact of climate change on public health. Please see here for more details.
• On Monday, December 4^th, the Business Council hosted a panel titled “Financing the Energy Transition”at the U.A.E National Pavilion in the COP28 Blue Zone. The conversation focused on ways that governments and private sector institutions can jointly mobilize green finance and de-risk clean energy projects. Please see here for more details. 
• On Tuesday, December 5^th, the Business Council participated in the Global Manufacturing and Industrialisation Summit (GMIS) at the U.A.E. Pavilion at COP28. Business Council President Danny Sebright conducted a fireside chat with Dorothy McAuliffe, Special Representative for Global Partnerships at the U.S. Department of State, in which she highlighted her office’s support of climate entrepreneurship through the launch of Coalition for Climate Entrepreneurship (CCE) hubs throughout the world. Please see here for more details.

• On Tuesday. December 5^th, Business Council President Danny Sebright moderated a panel discussion on innovations in renewable energy with senior executives from Chart Industries, Emerson, GE, and Hitachi as part of the Global Manufacturing and Industrialisation Summit (GMIS) at the U.A.E. Pavilion at COP28. This session explored the benefits and challenges of integrating renewable energy into the manufacturing sector. Please see here for more details.
• On Tuesday, December 5^th, the Business Council hosted a panel titled “Nuclear Energy’s Potential as a Zero-Carbon Energy Source for Industry” at the Net Zero Nuclear Pavilion in the COP28 Green Zone. Panelists discussed new technologies, policies, and trends that are transforming the traditional calculus related to nuclear energy, making it an attractive zero-carbon source of power for energy-intensive industries. Please see here for more details.
• On Tuesday, December 5^th, the Business Council hosted a dinner at the Ritz Carlton DIFC in honor of U.S. Undersecretary of Commerce Marisa Lago. The dinner, which was attended by over 70 senior business executives and government officials, was Undersecretary Lago’s first significant interaction with business on the margins of COP28. She underscored the U.S. Government’s commitment to combatting climate change, its important partnerships with the U.A.E. government, and its strong participation in COP28. Please see here for more details.
• On Wednesday, December 6^th, the Business Council hosted a panel titled “Future of Nuclear Energy Partnerships” at the Net Zero Nuclear Pavilion in the COP28 Blue Zone. Conversation centered around the history, evolution, and future of the U.S.-U.A.E. nuclear partnership. Panelists discussed the 123 Agreement as a model for other countries, the Partnership for Accelerating Clean Energy (PACE), and the Net Zero Nuclear pledge made at COP28. Please see here for more details.

The U.S.-U.A.E. Business Council was also pleased to take the lead in engaging the U.S. business community in the year ahead of COP28 to encourage and facilitate their participation in COP. As part of its series of “Road to COP28” events, the Council hosted both U.S. and U.A.E. officials directly involved in COP28, including senior officials from the U.S. Special Envoy for Climate Change Office, the COP28 Presidency, and the U.A.E. Ministry of Climate Change and Environment.  The Business Council also hosted the CEOs of Masdar and ENEC, who highlighted to the U.S. business community the importance of private sector participation at COP28. In addition, the Business Council launched the special digital series “Council Talks,” which highlighted U.S. and Emirati member companies that are embracing sustainability in meaningful and tangible ways ahead of COP28. Additionally, the Business Council published two long-form policy reports related to COP28.

The above built on the longstanding activities of the Business Council’s “Climate Change Working Group,” which the Council established in early 2021, following the appointment of H.E. Dr. Sultan Al Jaber as the U.A.E.’s Special Envoy for Climate.  This working group hosted numerous events and activities, including with the U.A.E. Ministry of Climate Change and Environment, U.A.E. Ministry of Energy and Infrastructure, U.A.E. Ministry of Economy, and the offices of the U.A.E. Special Envoy for Climate Change and U.S. Special Envoy for Climate Change.

The U.S.-U.A.E. Business Council will continue to support the efforts of H.E. Dr. Sultan Al Jaber during his COP Presidency, including through bilateral initiatives such as PACE and AIM for Climate.

For more information on the Business Council’s COP28 programming, please contact Graham Reitman at greitman@usuaebusiness.org.