Page 14 - The SouthChina Business Journal
P. 14
C. TODAY
Business Delivered at
COP28
By Marty Durbin, Senior Vice President, Policy, U.S. Chamber of
Business is delivering climate solutions.
The evidence was all over COP28.
Now that the gavel has closed on COP28 and the practices and build partnerships with colleagues
carefully negotiated text has been finalized, the around the world. Isn’t that exactly what we need?
rush is on to parse words and figure out who “won.”
Some are hailing the agreement as historic and strong, It is time to face the reality that governments aren’t
others as full of loopholes and short of what is needed. going to solve climate change by themselves.
Neither will businesses. Rather, the path to success
There is no question the final communique is requires active participation from both, working
significant. But to focus only on the negotiated together to cooperate on policy and technology
agreement ignores the enormous commitments development, while fostering an investment
announced during the conference that make COP28 environment that attracts public and private capital
one of the most consequential COPs in recent memory. commensurate with the challenge. But at the end
of the day, it is the business community that will
It started with a groundbreaking announcement develop and deploy the technologies needed to drive
from the world’s largest oil producers—both national down emissions, and make advancements in areas
oil companies and private ones representing nearly like food, water, agriculture, efficiency and more.
half of the world’s oil production—that they will
reach near-zero methane emissions and end routine During one of the U.S. Chamber’s many events,
flaring by 2030. From there, the positive momentum a business leader framed COP28 as the time
continued to build—from 124 countries joining the when “the baton was passed”—from the public
Global Renewables and Energy Efficiency Pledge to the private sector. That’s because government
(which includes $58 billion in commitments) to 37 commitments cannot happen without the
governments agreeing to pursue mutual certification private sector executing them. As part of this
of hydrogen, 22 countries committing to triple programming, we heard about the vast financial
nuclear energy capacity, to 65 countries making resources being allocated by banks for clean
the Global Cooling Pledge, and much, much more. energy investment, for everything from large-scale
These enormous achievements were only possible renewable projects to small startups building hybrid
because of significant private sector engagement airplanes. We also heard about the promising
and cooperation. research and development underway to advance
technologies like carbon capture, regenerative
Our U.S. Chamber team led the largest business agriculture, a clean hydrogen economy, and more.
delegation to a UN COP in history. We convened The list goes on.
more than 20 meaningful discussions with
businesses, governments, and groups from around That is the real story of COP28. From the
the world. There was a clear sense of action and beginning, COP28 President Sultan Al-Jaber made
optimism as they discussed ways in which some of it clear that this was to be a COP of action. The
the world’s best and brightest are working around U.S. Chamber and the business community heeded
the clock on climate solutions. that call and showed up with actions. And as he
closed COP28, Al-Jaber said, “An agreement is only
Some have tried to spin the presence of so many as good as its implementation. We are what we do,
businesses at COP28 as a bad thing. In actuality, not what we say."
businesses were there to share the steps their
companies are taking, technologies they are Business is doing. Business is delivering climate
developing, and investments they are making to drive solutions. The evidence was all over COP28. And we
climate solutions. They were there to listen, share best know that work will continue.
11 AMCHAM SOUTH CHINA
Business Delivered at
COP28
By Marty Durbin, Senior Vice President, Policy, U.S. Chamber of
Business is delivering climate solutions.
The evidence was all over COP28.
Now that the gavel has closed on COP28 and the practices and build partnerships with colleagues
carefully negotiated text has been finalized, the around the world. Isn’t that exactly what we need?
rush is on to parse words and figure out who “won.”
Some are hailing the agreement as historic and strong, It is time to face the reality that governments aren’t
others as full of loopholes and short of what is needed. going to solve climate change by themselves.
Neither will businesses. Rather, the path to success
There is no question the final communique is requires active participation from both, working
significant. But to focus only on the negotiated together to cooperate on policy and technology
agreement ignores the enormous commitments development, while fostering an investment
announced during the conference that make COP28 environment that attracts public and private capital
one of the most consequential COPs in recent memory. commensurate with the challenge. But at the end
of the day, it is the business community that will
It started with a groundbreaking announcement develop and deploy the technologies needed to drive
from the world’s largest oil producers—both national down emissions, and make advancements in areas
oil companies and private ones representing nearly like food, water, agriculture, efficiency and more.
half of the world’s oil production—that they will
reach near-zero methane emissions and end routine During one of the U.S. Chamber’s many events,
flaring by 2030. From there, the positive momentum a business leader framed COP28 as the time
continued to build—from 124 countries joining the when “the baton was passed”—from the public
Global Renewables and Energy Efficiency Pledge to the private sector. That’s because government
(which includes $58 billion in commitments) to 37 commitments cannot happen without the
governments agreeing to pursue mutual certification private sector executing them. As part of this
of hydrogen, 22 countries committing to triple programming, we heard about the vast financial
nuclear energy capacity, to 65 countries making resources being allocated by banks for clean
the Global Cooling Pledge, and much, much more. energy investment, for everything from large-scale
These enormous achievements were only possible renewable projects to small startups building hybrid
because of significant private sector engagement airplanes. We also heard about the promising
and cooperation. research and development underway to advance
technologies like carbon capture, regenerative
Our U.S. Chamber team led the largest business agriculture, a clean hydrogen economy, and more.
delegation to a UN COP in history. We convened The list goes on.
more than 20 meaningful discussions with
businesses, governments, and groups from around That is the real story of COP28. From the
the world. There was a clear sense of action and beginning, COP28 President Sultan Al-Jaber made
optimism as they discussed ways in which some of it clear that this was to be a COP of action. The
the world’s best and brightest are working around U.S. Chamber and the business community heeded
the clock on climate solutions. that call and showed up with actions. And as he
closed COP28, Al-Jaber said, “An agreement is only
Some have tried to spin the presence of so many as good as its implementation. We are what we do,
businesses at COP28 as a bad thing. In actuality, not what we say."
businesses were there to share the steps their
companies are taking, technologies they are Business is doing. Business is delivering climate
developing, and investments they are making to drive solutions. The evidence was all over COP28. And we
climate solutions. They were there to listen, share best know that work will continue.
11 AMCHAM SOUTH CHINA
