COP28 Business & Philanthropy Climate Forum secures $5bn to accelerate climate action

Daily News Egypt
4 Min Read

The Business & Philanthropy Climate Forum, COP28’s dedicated platform for private sector engagement, concluded its first day with a series of transformative climate and nature initiatives and commitments totalling $5bn in collective funding.

The Forum, held across the COP28 Blue Zone and Green Zone, brought together over 1,300 key stakeholders, including Heads of State and government, business CEOs, philanthropists, and NGO heads, to showcase and accelerate progress on climate targets and industry transitions.

A Paradigm Shift in Private Sector Engagement

The Business & Philanthropy Climate Forum marks a paradigm shift, representing the first dedicated platform for the private sector and philanthropy to be included in the COP process. The Forum included a full-day session in the Green Zone, focused on fostering innovation and driving impact in areas including sustainable climate finance, coral restoration, green technology, energy and industry transition, sustainable food systems, and empowering SMEs.

Inaugural Forum Kicks Off with High-Level Engagement

The inaugural Business & Philanthropy Climate Forum was formally launched at a Royal reception on November 30, held in the presence of Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates; King Charles III; and Sultan bin Ahmed Al Jaber, COP28 President.

Harnessing the Power of Private Capital

Addressing the Forum, COP28 President Al Jaber emphasized the critical role of private capital in addressing climate change. “To fix climate finance, we must leverage the knowledge, resources, and power of the private sector to ensure we deliver necessary funding to those in need, particularly in the Global South,” he stated. “COP28 is committed to directing capital from multiple sources to meet the trillions required to attack emissions so we can all shepherd a just, orderly transition.”

Blended Finance Commitments Mobilized

A distinguished panel discussed blended finance commitments, highlighting the role of blended finance in securing capital for the green transition. Ravi Menon, Managing Director of the Monetary Authority of Singapore, opened the panel. Mark Gallogly, Chair of Allied Climate Partners & Co-Founder of Three Cairns Group, and Tobias C. Pross, CEO of Allianz Global Investors, collectively mobilized $5bn in funding to unlock $20bn.

Private Sector Initiatives Take Center Stage

For the first time ever as part of the official COP programme, a range of private sector initiatives were discussed and announced. These initiatives include:

  • Blended Finance Structures: The Green Climate Fund, Allied Climate Partners, and Allianz Global Investors collectively announced $5bn in blended finance commitments to turbocharge the climate transition in emerging economies.
  • Climate Solutions Investment Platform: Investcorp announced the launch of its new Climate Solutions investment platform, targeting circa $750m of growth capital investments to help scale category-leading companies addressing climate change.
  • Innovate for Climate Tech: Masdar City, Tencent, and COP28 launched the Innovate for Climate Tech Coalition to support the development and adoption of climate-tech solutions in the Global South.
  • First Movers Coalition for Food: The World Economic Forum (WEF) announced the First Movers Coalition for Food, which will co-develop and aggregate procurement commitments to transform food supply chains.
  • Coral Restoration and Energy Transitions moonshot: XPRIZE revealed the impact of its moonshot competitions and previewed its next moonshot focused on Coral Restoration.

Call to Action for Increased Private Sector Action

Bill Gates, Co-Chair of the Bill & Melinda Gates Foundation and Founder of Breakthrough Energy delivered the closing keynote address, emphasizing the importance of private sector action in addressing climate change. He concluded with a call to action for increased private-sector engagement.

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