Highlights and key takeaways from the Dubai Chambers Event -  Road to COP28: Driving collective action in the UAE

On Monday 29 May, our Executive Director Tanneke Egbers attended the Dubai Chambers Event: Road to COP28: Driving collective action in the UAE.

It was a very inspiring and informative event during which Tanneke met up with Her Excellency Razan Al Mubarak, High-Level Champion #COP28, and Lyne Biewinga (NBCC), to speak about the actions our member companies take to solve climate challenges.

Please find below the highlights and key takeaways from the event:

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, UN Climate Change High Level Champion, COP28, who emphasised that “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.”.

The event also heard from local and global climate experts who spoke to themes of adaptation & resilience, mitigation and finance. Our high-level takeaways from the sessions are shared below:

Adaptation & Resilience:

• We heard that adaptation is crucial cutting across many different sectors for business and industry and the importance of nature based solutions in particular
• We saw ways in which organisations are taking action and that there is a clear business case for doing so - doing nothing will cost you more
• Start evaluating your climate risks today so you are well prepared
• The Insurance Adaptation Acceleration Initiative showed the business transformation that is possible and this initiative is recruiting local / regional insurance companies. Reach us at: adaptation@climatechampions.team for any follow up opportunity
• The UAE leadership in adaptation action can be positioned in the global platform that the Sharm Adaptation Agenda offers. COP28 is a catalyst for your actions, not an end point. Reach us at: adaptation@climatechampions.team for any opportunity to elevate your leadership and recognize the progress you are making in accelerating adaptation action
• The Race to Resilience is recruiting local partners and/or members to join

 

Mitigation:

• We heard that mitigation has a clear business case for action - setting net zero targets and starting now is crucial to both reduce climate impacts as well as future-proof businesses against changing global and local policies
• There are global campaigns that can serve as a clear platform for setting net zero targets: 
• The 2030 Breakthroughs which cover eight sectors
• The Race to Zero which companies can join by becoming a member of one of the 25 partner organisations 
• If companies are starting their journey, they can join local initiatives: 
• The UAE Alliance for Climate Action
• The United Nations Global Compact Climate Change Accelerator Programme
• The Ministry of Climate Change and Environment The UAE Climate-Responsible Companies Pledge 
• Work with partners to alleviate barriers, especially for scope 3 emissions and for generating renewable energy on site in the UAE
• Measure and manage your carbon footprint now, set targets, develop a strategy and implement

 

Finance:

• We heard  that climate finance has been a critical element in the Paris Climate Accords from the outset, about its importance as an accelerator to achieving the required transformation and transition of the global economy, particularly of our energy systems, through investing in net zero, adaptation, resilience and natural capital
• We also heard that the required global investments required to achieve the Paris Agreement’s objectives range between USD3-6 trillion per annum through to 2050, this as per the latest estimates of the Climate Policy Initiative
• This represents a huge opportunity not only in terms of capital deployment and capital gain, but also, no less importantly, in terms of positive social impact
• This is particularly true in the Emerging Markets and Developing Economies where simply not enough finance is reaching the people and places that need it most – invariably, vulnerable communities across the global south – the same communities which have the potential to generate a disproportionate positive impact on global climate objectives
• Core to our objectives in the run-up to COP28 are the need to ensure the right amount, type and quality of finance flows into the transition, developing countries and nature
• Hence, we would encourage all stakeholders but especially financial institutions, 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), engage on our work on project pipeline development, finance the Sharm Adaptation Agenda, foster innovation (e.g., blended finance, carbon pricing), embed nature in climate transition plans, support catalytic initiatives (e.g., AFR100, 20x20, IFACC, Mangrove Breakthrough), and lastly, join the Finance Sector Deforestation Action

PRESENTATION MATERIALS:

The presentation materials from Road to COP28: Driving collective action in the UAE can be found here:

COP28 Presidency Presentation

Road to COP28: Driving collective action in the UAE