Limiting global warming to 1.5C is last on the list of outcomes that global businesses are expecting at this year’s Cop28, new research suggests.
Researchers at consultancy East & Partners and consultancy Impact & Influence said the findings showed a lack of confidence in the business community about Cop26’s Glasgow climate pact pledge to “keep 1.5C alive”.
The study, published today, happens to be six months ahead of Cop28, the global climate conference in Dubai in November.
line of sight
The research came after scientists warned earlier this month that global temperatures could breach 1.5C within the next five years.
Scientists have warned that exceeding 1.5C could trigger an irreversible tipping point that could lead to the collapse of life on Earth.
“1.5C is not the goal. I call it the physical limit,” Professor Johan Rockstrom of the Potsdam Institute for Climate Impact Research told the Innovation Zero conference in London last week.
“At 1.5C, we have five large tipping point systems that are likely to be crossed. One is the West Antarctic Ice Sheet. The other is the Greenland Ice Sheet. The third is all tropical coral reef systems.
“The fourth is the sudden thaw of permafrost in northern regions and the fifth is sea ice in the Bering Sea. These will likely be exceeded at 1.5C, but we don’t know how much above 1.5C we can keep before that tipping point becomes permanent. Year.”
enterprise
After reaching out to the top 100 companies by revenue in 14 countries, including the UK, the researchers spoke to more than 1,300 businesses and found that a stronger voice in discussions at Cop28 is a top concern for the global business community .
Business leaders in most markets highlighted ‘Private Sector Engagement’ as the key theme of Cop28 most relevant to their businesses.
This was followed by Climate Finance Reform, Green Innovation and Technology, Biodiversity, Inclusion and finally ‘Keeping 1.5C Alive’.
The findings have raised concerns that companies are losing sight of the bigger picture of helping to limit global warming to 1.5C.
“It is worrying that ‘keeping 1.5C alive’ ranks so low among global businesses just two years after Cop26,” said Rishi Bhattacharya, CEO and founder of Impact & Influence.
Life
“This suggests they may be overpriced. It’s more important than ever to communicate the business’s need to be part of the solution.”
Paul Dowling, co-founder of East & Partners, added: “Collaboration between government and business is critical to achieving our global climate goals – especially keeping 1.5C alive.”
Global greenhouse gas emissions must peak by 2025 at the latest and be cut by 43% by 2030 to limit global temperature rise to 1.5C (2.7F) above pre-industrial levels, the United Nations says – the Paris goals set out in the Agreement.
The planet is now on track to warm by 2.5 degrees Celsius by 2100, scientists say, which would completely melt ice sheets, thaw permafrost, destroy tropical rainforests and cause marine life to collapse, while making about a third of the equator uninhabitable.
Researchers said they spoke to more than 90% of the top 100 businesses by revenue in the UK, Brazil, Canada, US, China, Australia, India, Japan, Singapore, France, Germany, Kenya, Saudi Arabia and the United Arab Emirates Emirates in the two weeks ending March 14.
the author
Rebecca Speare-Cole is a Pennsylvania sustainability reporter.
