Philanthropy’s role in discussions at COP28 represents a “paradigm shift” that could have a “multiplier effect” on accelerating climate solutions, according to Badr Jafar, chair of the COP28 Business and Philanthropy Climate Forum. 

Business and philanthropy leaders took part in talks with political leaders at the inaugural forum held at COP28.  

Discussing the role of the private sector on climate, Jafar said: “Governments simply do not have the available capital or capacity to make the climate transition on their own. To move from the billions we have to the trillions we need, we require urgent, unprecedented, delivery-focused public, business and philanthropic collaboration”.  

“The private sector increasingly recognises that embracing a sustainable and equitable future, leaving no one behind, is the growth story of our time,” he added.  

COP28 in the UAE has garnered mixed reaction.  

A source close to Alliance, who has multiple partners and grantees attending the event, said: “COP has become the new Davos. People are thinking what’s the point of going to Davos when you can do business deals at COP each year?” 

Some scientists turned down invitations to attend this year’s climate summit, dismayed at the broken promises despite numerous pledges made each year. 

The COP summits – held every year since 1995 – have been “a massive failure”, Fernando Racimo, a Copenhagen-based evolutionary biologist and member of activist group Scientist Rebellion, told Nature. “Almost 30 years of promises of pledges, and yet carbon emissions continue to go up to even higher levels. As scientists, we’re recognising this failure.” 

Among the initiatives announced at the COP28 business and philanthropy forum include Andrew Steer, CEO of the Bezos Earth Fund, in partnership with the Quadrature Climate Foundation and Danone, announcing $250 million to help accelerate methane mitigation in livestock production. 

Shafi Musaddique is the news editor at Alliance magazine.