PwC and COP28: every climate action counts
The COP28 climate conference came to an end with a historic final agreement. Diplomats, government leaders and business - including PwC - gathered to discuss climate change and the actions needed. Interested to know more? On this page, we collected the most important COP28 outcomes, the best stories, podcasts and unique insights around climate and business. This is how we make a world of difference together.
Three most important COP28 outcomes
A standing ovation in Dubai: the final declaration of COP28 agreeing that the world will transition away from fossil fuels has been received with great enthusiasm. The agreement has been described as 'historic', 'unprecedented' and as 'a strong message to the world'. Time to take stock. Here are the three main outcomes of COP28.
- Transition away from fossil fuels
- Operationalize loss & damage fund
- Tripling renewable energy capacity and doubling rate of energy efficiency
Transition away from fossil fuels
The COP28 final agreement marks a historical milestone. It is the first time all countries are called upon to transition away from the use of fossil fuels. The agreement acknowledges the urgent need for substantial, rapid, and sustained reductions in order to limit global temperature increases to 1.5 degrees Celsius. This will require better transition plans, a close look at your value creation at your company and increased investments into a greener future. This COP28 outcome is impactful for governments, individuals but also, or in particular for business.
Check out the entire final declaration on the COP28 website.
Operationalize loss & damage fund
Countries agreed to how the Loss & Damage fund, they committed at COP27 to set up would be operationalized. The fund will be hosted in the interim by the World Bank and just over $400 million of initial pledges were made. A promising start, but it is estimated that the cost of loss and damage for developing countries is projected to reach $400 billion per year by 2030.
Read more about the pledges at COP28
Tripling renewable energy capacity and doubling rate of energy efficiency
Global Pledge on Renewables and Energy Efficiency was launched by Ursula von der Leyen, COP28 presidency and 118 countries. This pledge contains the target of tripling renewable energy capacity and doubling the rate of energy efficiency improvements by 2030. The Global Pledge on Renewables and Energy Efficiency will be a key tool to for the international community to measure progress and stay the course in achieving the Paris temperature goals.
Read more about the impact of the energy transition
Renate de Lange | PwC’s global sustainability markets leader
"A historic agreement,
but concrete actions are needed to really bring it to life."
Call to COP28: 'Translate climate challenges into tangible business'
PwC's global sustainability markets leader was in Dubai
Top-10 reads for COP28
1. The new sustainability mandate
Actions in the field of sustainability are desperately needed. These four steps from Strategy& help bridge the gap between intentions and reality.
2. The State of Climate Tech 2023
There is a great need for climate technology, but investments are declining. How do we turn the tide worldwide?
3. The hidden cost of carbon
Carbon pricing systems come with costs and risks. How do these costs add up? And what can management do to control these?
4. How climate adaptation can both protect and grow your business
Physical climate risks can be a catalyst for innovation and growth. From analysis to a concrete plan: this article will help you on your way.
5. Bridging the gaps: Setting the stage for an orderly energy-system transition
The world has made progress in the energy transition. To achieve the end goal, important steps must be taken.
6. Managing nature risks: From understanding to action
Business is highly dependent on nature. Managing risks and opportunities is essential. What is the first step?
7. Climate Tech Insights
Talking to entrepreneurs and senior management from the tech ecosystem in the Middle East. How do they see developments in climate technology?
8. CSRD is resetting the value-creation agenda
How will your company create value in a world where sustainability is central? Four strategic shifts and steps for every C-suite role.
9. How CFOs further value creation by leading on sustainability
Climate change, nature loss and social inequality are changing the role of the CFO. They require a new way of thinking about value.
10. Climate leadership wanted: How CEOs can better meet investor expectations
PwC research shows CEOs are less concerned about climate change than investors would prefer. What can CEOs do?
"The COP28 agreement is an important and essential step forward.
A milestone to combat climate change."
Wineke Ploos van Amstel-Haagsma | PwC’s Chief Sustainability Officer
Podcasts
Can capital help solve climate change?
Featuring Alison Rose, former CEO of NatWest Group, on what businesses can do to align profits with the interests of the planet.
Why should business be nature positive?
Featuring Johan Rockström, Director of the Potsdam Institute for Climate Impact Research, on how sustainable practices aren’t just good for the planet, but crucial for the long-term viability of business.
What does climate action mean for your organization?
The COP28 topics have an impact. We would be happy to discuss it further.
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Wineke Ploos van Amstel - Haagsma
Chief Sustainability Officer, PwC Netherlands
Tel: +31 (0)65 170 13 44