Some reflections on COP 27

“Together, let’s not relent in the fight for climate justice and climate ambition. We can and must win this battle for our lives” – United Nations Secretary-General António Guterres.

With a ground-breaking fund for loss and damage, #COP27 reached a breakthrough agreement in support of those most affected by climate change impacts. However, more must be done to harness our focus and scale our fight against the climate crisis, particularly from high-emitting economies and sectors. 1.5 degrees is not a goal but a limit. In addition, there is a need to fulfill outstanding commitments on adaptation funding. In this context, the private sector plays a crucial role. 

Reflecting on my visit to #SharmElSheik and thinking about the year ahead, I see a renewed sense of urgency for collaborative and innovative private-sector action that complements Government and civil society actions to help build a sustainable and prosperous future for all.

At COP 27, the United Nations Global Compact convened the private sector on key agenda items such as massively scaling up renewable energy, credible corporate action on net-zero, Just Transition and adaptation action. We brought the voices of business together with the UN and Governments to galvanize the private sector and industry to better assess environmental risks and opportunities, set and deliver ambitious climate targets and adopt responsible practices for the transition to a net-zero and resilient world.

Over 50 leading CEOs from across Africa who are part of the Africa Business Leaders Coalition presented the Africa Business Leaders’ Climate Statement (https://unglobalcompact.org/library/6098) with key corporate commitments on climate they have already started to implement. The Africa Business Leaders Coalition represents the first unified African private sector-led voice at COP. 

We were honoured to have H.E. Akinwumi A. Adesina, President of the African Development Bank Group, lay out the challenges and opportunities for African businesses to engage in climate financing. Other participants – including Phuthi Mahanyele-Dabengwa, CEO of Naspers South Africa; Selwin Hart, Special Adviser to the UN Secretary-General on Climate Action and Just Transition; Yasmine Mohamed Farid Khamis, CEO of Oriental Weaver; Peter Ndegwa, CEO of Safaricom; and Mahmoud Mohieldin, High-level Climate Action Champion – engaged in a series of discussions and called for the global community to fulfill their climate commitments and create an enabling environment for the private sector to unlock climate finance and invest in bankable projects.

Together with the UN Environment Programme and UN Climate Change, we gathered influential global business leaders at the 10th annual High-Level Meeting of Caring for Climate to reflect on how to end the global addiction to fossil fuels and jumpstart a “renewables revolution” and explore concrete actions that businesses can take in their business or their industry and economies to leave no person or country behind. The event supported the UN Secretary-General’s goal for concrete, measurable action and net-zero credibility to deliver immediate emission cuts through the lens of people-centred climate action.

During the third annual Uniting Business Africa event hosted by the UN Global Compact with the Africa Hub and Local Networks in Africa, business executives discussed  greening supply chain, food systems and adaptation, the role of women for resilience, and renewable energy.

A just transition, the ocean, water and science-based targets were other key focuses for the UN Global Compact at COP 27 through various sessions to showcase business climate action from across the globe.

Climate change impacts communities, labour markets and the future of business. Navigating the transition to a world we all want and need requires the active participation, investment and accountability from the private sector. The events hosted by the UN Global Compact and partners provided a unified business voice in this critical decade for climate action. Together, let’s continue working collectively toward #UnitingBusiness for a better world.