What to Expect from COP28

COP28, the 28th Conference of the Parties, is a pivotal event in the global climate action calendar, set to take place from November 30 to December 12, 2023, in Dubai.  

This conference represents a critical juncture in the fight against climate change, offering a crucial opportunity for nations to come together and reaffirm their commitment to tackling this global crisis. 

We provide a snapshot of the focus areas we can expect to feature as priorities on the agenda, followed by analysis on expectations, with special insight on what the outcomes could mean for UK businesses specifically.  

Anticipated Outcomes 

COP28 is seen as an opportunity to push for regulations and policies that not only encourage sustainability but also incentivise the adoption of clean technologies. 

Central to the conference is the forging of innovative partnerships, bringing together governments, NGOs, and private sector entities to develop and scale innovative climate solutions. COP28 also serves as a platform to showcase the impact of existing sustainability solutions and technologies, demonstrating their effectiveness and encouraging further investment and adoption on a global scale. Finally, COP28 recognises that a sustainable future requires a skilled and empowered workforce, there is a focus on investing in employee training and development. 

Impact on UK Businesses? 

The outcomes of COP28 will likely influence UK business strategies in several key areas: 

Carbon Markets and Regulatory Clarity 

The summit is expected to address transparency and accountability in carbon markets, which have been unresolved issues from the previous COP27 summit. 

Global Stocktake and Climate Finance 

The summit’s outcome will impact how UK businesses engage in climate finance and carbon markets.  

Integrity and Credibility of Carbon Credits 

COP28’s discussions and decisions on standardising voluntary carbon markets could significantly affect the way UK businesses approach carbon offsetting and their sustainability strategies.  

Framework for Carbon Offset Trading 

COP28 is expected to progress the framework for trading carbon offsets, particularly the operation of the Article 6.4 mitigation mechanism. This mechanism could establish a global carbon market, potentially creating more clarity for the private sector, including UK businesses. 

Overall, COP28 is poised to be a defining moment for UK businesses in terms of their climate action strategies, particularly in how they navigate carbon markets and engage in global climate finance. 

The outcomes of the conference will influence business decisions related to sustainability, carbon offsetting, and compliance with international climate commitments. 

More News

New EU Law on Methane Emissions Confirmed. What does it mean for Suppliers and Imports?

As COP28 approaches, the European Union is making bold strides in its fight against methane emissions, especially in the energy...

The UK’s Energy Act: A Roadmap to a Sustainable Future

The recent Royal Assent of the Energy Act is a pivotal moment for the UK’s energy sector, setting the foundations...

Navigating the Energy Market: Abundant Supply Warms Chilly Energy Forecasts

As we move into the heart of the winter season, the markets are expected to be heavily influenced by temperatures...