COP28 Business & Philanthropy Climate Forum mobilizes $5 billion in funding to advance climate and nature action

The Business & Philanthropy Climate Forum, COP28’s private-sector engagement platform to convene global business leaders and philanthropists, concluded its first day today, with the announcement of a range of transformative climate and nature initiatives, and commitments to mobilize $5 billion USD in collective funding.

The Forum, held across the COP28 Blue Zone and Green Zone, brought together over 1,300 key stakeholders, including Heads of State and government, business CEOs, philanthropists and NGO heads, who assembled to help showcase and accelerate progress on climate targets and industry transitions.

The Business and Philanthropy Climate Forum represents a paradigm shift, the first dedicated platform for the private sector and philanthropy to be included in the COP process. The Forum included a full-day session in the Green Zone, focused on fostering innovation and driving impact in areas including sustainable climate finance, coral restoration, green technology, energy and industry transition, sustainable food systems, and empowering SMEs.

The inaugural Business & Philanthropy Climate Forum was formally launched at a Royal reception on 30 November, held in the presence of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the United Arab Emirates; His Majesty King Charles III; and His Excellency Dr Sultan bin Ahmed Al Jaber, COP28 President.

Addressing the Forum, COP28 President Dr. Sultan Al Jaber said, “To fix climate finance, we must leverage the knowledge, resources and power of the private sector to ensure we deliver necessary funding to those in need, particularly in the Global South. COP28 is committed to directing capital from multiple sources to meet the trillions required to attack emissions so we can all shepherd a just, orderly transition.”

COP28 Special Representative for Business & Philanthropy, Badr Jafar, said, “Business and philanthropy hold great promise to accelerate the achievement of our climate and nature goals. The Business & Philanthropy Climate Forum provides this much-needed inclusive platform for enabling concerted action, breaking down silos across stakeholders and sectors, and connecting private sector leaders from all regions of the world around game-changing outcomes underpinned by the COP28 Action Agenda. Our hope is that future COP presidencies continue to build on this multi-stakeholder platform with a view to harnessing the full potential of private capital and innovation.”

Key visionaries gathered at a panel discussion highlighting the indispensable role of business and philanthropy in addressing the pressing concerns of our environment and moving beyond discussions and towards actions. Speakers at the panel included Ajay Banga, President, World Bank Group; Brian Moynihan, Chair of the Board and CEO, Bank of America and Chair, Sustainable Markets Initiative; Hana Al Rostamani, Group CEO, First Abu Dhabi Bank (FAB); Ruth Porat, President & CIO, CFO, Alphabet and Google; Tony Elumelu, Founder, Tony Elumelu Foundation; Laurene Powell Jobs, Founder & President, Emerson Collective; and Borge Brende, President, World Economic Forum.

The Forum also featured a distinguished panel that discussed blended finance commitments. Ravi Menon, Managing Director of the Monetary Authority of Singapore, opened the panel, emphasizing the role of blended finance in securing capital for the green transition. Mafalda Duarte, Executive Director of the Green Climate Fund, Mark Gallogly, Chair of Allied Climate Partners & Co-Founder of Three Cairns Group, and Tobias C. Pross, CEO of Allianz Global Investors, collectively pledged to mobilize $5 billion USD. Makhtar Diop, Managing Director of the International Finance Corporation (IFC), concluded with remarks underscoring the support for blended finance and the IFC’s position as a leading DFI in emerging markets and a preferred partner for philanthropic organizations seeking to leverage the IFC’s diverse and innovative portfolio of global private sector clients.

Other esteemed speakers on the day included H.E. S. Whipps Jr., President of the Republic of Palau, Honourable Dr. Terrance Drew, Prime Minister of Saint Kitts and Nevis, H.E. Reem Al Hashimy, UAE Minister of State for International Cooperation and CEO, Expo City Dubai; Mark Carney, UN Special Envoy for Climate Action & Finance, Co-Chair for the Glasgow Finance Alliance for Net Zero (GFANZ), and Chair, Brookfield Asset Management; H.E. Helal Almarri, Director General, Dubai Department of Economy & Tourism; Khaled Huraimel, CEO, BEEAH; Dr. Mo Ibrahim, CEO, Mo Ibrahim Foundation, Laurence Lien, Founding CEO, Asia Philanthropy Circle, and Tokunbo Ishmael, Co-Founder of Alitheia Capital.

Bill Gates – Co-Chair, Bill & Melinda Gates Foundation and Founder, Breakthrough Energy, led the closing keynote address of the Forum, speaking on how climate investment can save and improve the most lives, ending with a call to action for increased private sector action.

For the first time ever as part of the official COP programme, a range of private sector initiatives were discussed and announced, including those below. The Forum is also focused on the need to align country, industry and finance roadmaps, and involving multilateral development banks and international financial institutions to create an enabling environment for private capital.