COP28 Recap: Leveraging the Voice and Actions of the US Private Sector

COP28 Recap: Leveraging the Voice and Actions of the US Private Sector

The significance of the COP28 meeting in Dubai cannot be overstated, with discussions holding immense implications for the future of our planet.

Several groundbreaking conversations have unfolded during the summit. In a historic move, the opening plenary on the first day of COP28 witnessed the establishment of a loss and damage fund for vulnerable countries impacted heavily by climate change. Governments also decided on the first ever global stocktake at COP28, which “called on” nations to take a variety of actions to reduce emissions.

Amidst the discussions and negotiations among countries at COP28, UN Global Compact Network USA (Network USA) was in Dubai to leverage the voices and actions of the US private sector in developing a roadmap for a livable planet.

This recap offers a glimpse into our endeavors, underscoring the commitment of Network USA to drive positive change and sustainable practices within the private sector.

 A Summary of Network USA Activities

• US Companies Shine a Spotlight on Corporate Water Stewardship: Network USA organized a thought-provoking panel titled "From Ripples to Waves: How Corporate Water Stewardship Shapes Climate Futures." The panel offered attendees an exclusive glimpse into the case studies, insights, and lessons featured in our forthcoming white paper on water stewardship. Special thanks to our speakers who actively participated in this engaging discussion: Cheryl Hicks, Senior Advisor, CEO Water Mandate (Moderator); Naji Skaf, President of MEIAA, Xylem; and Steven Bullock, Global Head of Research and Methodology, S&P Global.
• Convening Senior US Government and Corporate Leaders for Climate Action: On December 6, Network USA hosted the U.S. Climate Leaders Salon Dinner at SAL in the Burj Al Arab. The event, attended by federal government officials, US business leaders, UN representatives, and Network USA Board members, provided a unique opportunity for these leaders to gather in an intimate setting. The focus was on fostering a deeper understanding of the public-private partnerships and dialogues needed to advance climate action in the US.

Other highlights

• Network USA Executive Director Adam Roy Gordon shared insights at a COP28 kickoff event hosted by Johnson Controls at the Museum of the Future. As part of a panel discussion, Adam explored strategies for businesses to overcome obstacles in investing in sustainability.
• Network USA Board Member Michael Okoroafor, Chief Sustainability Officer of McCormick & Company, offered his perspective on enhancing the role of businesses in addressing climate change during the Caring for Climate session. Michael engaged in discussions alongside UN Global Compact Executive Director & CEO Sanda Ojiambo and Special Adviser to the Secretary-General on Climate Action and Just Transition Selwin Hart. Joining Michael in representing Network USA were Board Members Gayle Schueller, Chief Sustainability Officer of 3M, Gavin Power, Chief of Sustainable Development and International Affairs of PIMCO, and Adam Roy Gordon, Executive Director of Network USA.
• Network USA Board Member Gavin Power, Chief of Sustainable Development and International Affairs at PIMCO, participated in a panel addressing the pivotal role finance plays in shaping a climate-safe future at the SDG Investment Forum. The CFO Coalition hosted this insightful forum at NASDAQ Dubai.

Other private sector news from COP28:

• CFOs Respond to the Call for Greater Private Sector Investment in Climate Action at COP28
• New framework for developing just and inclusive maritime green corridors that create opportunities for both people and countries
• Leading CEOs call for Greater Private Sector Action on Nature and Biodiversity and a Just Transition at COP28
• Five Fundamental Business Actions to Improve Water Resilience

For more on COP28, register for the webinar COP28 Debrief: What's Next for the Private Sector?, which takes place on Monday, December 18 at 9:30 am EST.

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