This month, delegates from nearly 200 countries, policymakers, and leaders from finance, business and civil society will gather in Dubai for the COP28 climate conference with the goal of fast-tracking the transition to a low-carbon economy. The gathering will assess progress toward the goal of the Paris Agreement to limit the rise in average global temperatures to 1.5°C (2.7°F) above preindustrial
levels. “Much more action is needed now, on all fronts and by all actors, if the long-term goals of the Paris Agreement are to be met,” an assessment published in September by the United Nations Framework Convention on Climate Change (UNFCCC) concluded. Progress by the private sector in reducing greenhouse gas (GHG) emissions will weigh on the global stocktake, as the assessment is known. Nearly one-fifth of the estimated 61 billion tons of GHGs that society is likely to put into the atmosphere this year will come from the world’s listed companies.3 COP28 participants will assess the credibility and ambition of their climate commitments as well as those by financial institutions and other so-called nonstate entities.
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