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Business leaders at London Climate Action Week urge ambitious action ahead of COP28

Developing countries will require $2trn each year by 2030 to reduce emissions and protect their economies against climate change

Ahead of COP28 UAE climate conference being held in Dubai from November 30, business leaders gathered along with policy makers in London at the London Climate Action Week between the June 24 and the July 2 to forge partnerships aimed at advancing progress towards climate and nature goals.

One such gathering of 700 senior representatives from business, government and civil society hosted by Policy Exchange, an educational charity to develop and promote new policy ideas, invited speakers including UK prime minister, Rishi Sunak, Alexander Downer, former foreign minister of Australia, and Badr Jafar, CEO at Crescent Enterprises, a globally diversified business headquartered in the UAE.

Addressing the gathering in a keynote speech, Jafar said: "Much like the UK, the UAE is making major strides in its journey to a net-zero, nature-positive future. COP28 signifies our continued commitment to this journey. However, we also recognise that it is not a journey that can be made in isolation, and our collective path to net zero must also be a resilient path filled with opportunity for the six and a half billion children, women and men who live in developing countries."

According to a recent report issued by the United Nations Conference on Trade and Development (UNCTAD), the world’s 46 least developed countries (LDCs) – home to about 1.1 billion people were estimated to account for only 1.1 per cent of total world CO2 emissions. The same report showed that the carbon footprint of an average person in a developed country was more than 23 times larger than that of an average person in a least developing country. Additionally, developing countries are withstanding the worst of climate shifts through more severe heat waves, floods and droughts.

According to a report launched at the COP27 summit in Egypt, developing countries will need $2trn each year by 2030 in order to reduce emissions and protect their economies against climate change, however nowhere near that much is being channelled to these countries. Delegates at the London Climate Action Week also discussed the urgent need to develop investment and financing mechanisms for climate action that are accessible, affordable and equitable in their construct.

Jafar highlighted the unique role that COP28 can play in advancing a more inclusive agenda for climate action, commenting “COP28 has an unparalleled opportunity to create a paradigm shift in thinking and doing towards achieving our urgent climate and nature goals – these global challenges require locally-relevant solutions, and COP28 provides a truly inclusive platform upon which diverse people from all regions of the world can come together with our private, public and civil society sectors to co-create pathways to success."

Crescent Enterprises has been active in driving sustainable development over the past two decades. Active across vital sectors including sustainable energy, logistics, strategic investments and business incubation, the diversified business has consistently sought innovative solutions to reduce its carbon footprint and contribute to environmental preservation across its operations and investments in five continents. Additionally, the company’s corporate venture platform, CE-Ventures, has over the past three years invested in 11 green tech businesses that are spearheading green innovations in areas such as vertical farming, green mobility, and clean energy solutions.