Prem COP28 Idea

Standing face-to-face with those who have lost their loved ones and communities because of climate change made me reframe the cost of loss. Connecting climate change with culture and heritage opens new doors to respectful application of indigenous wisdom and an acknowledgement that retention of culture is a critical facet of climate work.

The Cost of Loss: Cultural Heritage

OWNERSHIP

A minimum $2.7 trillion investment is needed globally to achieve the COP Paris Agreement goals. Climate finance can break down the barriers to climate action with diverse funding sources by shifting perspectives from managing risk to pursuing growth. Beyond public, private, and philanthropic investments, corporate climate financing is on the rise. More companies are investing in upstream resilience building and new climate-friendly technologies as a critical aspect of ESG-oriented derisking.

Climate Finance

We do not have the luxury to debate the effectiveness of one climate solution over another: time is ticking. A sense of urgency to act on climate change fuels innovation. In the energy and power industries, emerging innovations include small modular nuclear reactors or the fast-growing clean hydrogen market. The Biden administration recently announced $7 billion of funding to accelerate the domestic market’s energy future with regional clean hydrogen hubs.

New Energy Frontiers

Supply & Demand

Since COP21 in Paris, climate action negotiations have primarily focused on the supply side of the climate change equation: polluters. COP28 saw significant uptake on the demand side of the climate change equation: people and economic sectors impacted by polluters. Focusing on and ensuring representation from the demand side could mean that proposed solutions in the power, transport, and other traditionally heavy-polluting industries create a virtuous cycle across the world – which COP coins “breakthroughs.”

Photo by COP28

Women, especially in the developing world, face disproportionate negative impacts and risks stemming from climate change. Extending work begun with COP25’s Gender Action Plan, 68 nations endorsed the Gender-Responsive Just Transitions & Climate Action Partnership at COP28. Additionally, the United States’ $1.4 billion WISE investment funds women’s participation in the sustainable economy and addresses gender equality and women’s leadership in climate resilience and preparedness.

Gender Equity and Climate Change

Photo by COP28

As a father, I was inspired by the courage and urgency of young participants. A 14-year old United Nations Youth Envoy powerfully remarked, “The solutions talked about here aren’t just for unseen future generations, we’re here, NOW.” COP28 saw the highest youth participation ever, with 110 youth delegates from around the world. Youth participation was also institutionalized with a mandate for future COP Presidencies to facilitate meaningful representation and participation at future COPs.

Future Generations are Here Now

With more governments exploring carbon offset credits, and the newly established Loss & Damage Fund interlinked with carbon credits, we must ensure credits are created and certified with integrity. The Integrity Council for the Voluntary Carbon Market’s standards define what makes a high-quality carbon credit that channels finance toward genuine greenhouse gas and climate impact. The built environment should play a significant role in the voluntary carbon market through energy efficiency and embodied carbon savings.

Integrity and Standardization

For the first time in COP’s 13-year history, the built environment had a full thematic day dedicated to it. 27 governments announced their pledge to the Buildings Breakthrough initiative, under which 100% of new buildings should have net zero operational carbon and embodied carbon must be reduced by 40% by 2030. By 2050, all new and existing assets must be net zero carbon across their whole lifecycle.

Buildings Breakthrough

Historically, just 10% of climate action investments have gone toward climate change adaptation. While continuing to mitigate climate change is critically important to 1.5C targets, climate adaptation strategies and investments respond to devastating impacts already being experienced, especially by vulnerable communities. Rebalancing adaptation and mitigation is key to an equitable and just global transition to net-zero.

Rebalancing Climate Adaptation and Climate Mitigation

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Photo by COP28

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Photo by COP28

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