King Charles III, Gates Foundation, OECD join COP28 coalition to address climate finance gap
Over 70,000 are expected to attend the UN climate conference opening next month in Dubai
Businesses and philanthropic organizations will meet at the COP28 climate conference to debate how the world can raise more than $3 trillion a year in a bid to reach net zero emissions.
To lead the event, the COP28 Business & Philanthropy Climate Forum has partnered with the Sustainable Markets Initiative, which was launched by King Charles III at Davos in 2020 before he ascended the throne. Also backing the initiative are the Bill & Melinda Gates Foundation, the International Finance Corporation, the Organization for Economic Cooperation and Development, the World Economic Forum, the Asian Development Bank, Africa Finance Corp. and XPRIZE.
The forum will convene 500 business and philanthropy leaders alongside policymakers, hosted by COP28 president-designate Sultan Al Jaber on Dec. 1 and 2.
“We are committed to hosting a fully inclusive COP, and it would be impossible to do this without the vital input of our business and philanthropy communities,” said Al Jaber, who is also the CEO of the Abu Dhabi National Oil Co. and chairman of alternative energy company Masdar.
On the agenda is how the private sector can help address the financing gap of over $3 trillion that scientists and policymakers say is required annually to achieve net-zero emissions, support climate adaptation, reverse nature loss and restore biodiversity.
As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first-ever “Global Stocktake” – a comprehensive evaluation of progress against climate goals. The UAE will also lead a process for all parties to agree upon a roadmap to accelerate emissions reductions and the energy transition.
The climate meeting will take place at Expo City Dubai from November 30 to December 12.
The conference is expected to draw over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts and youth leaders, according to organizers.