DAVOS: The private sector must play a “unique role” in the global transition to net zero, Badr Jafar, COP28 special representative for business and philanthropy, told a special session at Davos on Thursday.
Speaking at the World Economic Forum annual meeting, Jafar urged the private sector to “deploy its dynamism, capital and action networks” in the fight to reduce global greenhouse gas emissions.
The CEO of Crescent Enterprises highlighted the achievements of the Business and Philanthropy Climate Forum held during the UAE-hosted COP 28 last year.
The forum aimed to build private sector engagement in green initiatives.
He told the Davos session: “One theme consistently highlighted at the forum, where more than 1,300 business and philanthropy leaders from more than 80 countries convened to unlock $7 billion in commitments to climate and nature, was the unique role that the private sector must play, deploying its dynamism, capital and action networks to accelerate progress towards net zero.”
Philanthropy, family office capital and development finance can combine to shift market practices and fast track a nature-positive net-zero economy, he added.
Achieving net zero, reversing environmental degradation and restoring biodiversity by 2050 requires more than $3 trillion in annual investment, the Davos session was told.
On COP 28’s success, Jafar said: “Rebuilding trust across sectors and regions of the world required a relentless focus on inclusivity, bringing together record numbers of representatives from business, civil society, youth, academia, indigenous peoples and faith leaders.”
These groups “combined their respective strengths to deliver the historic action-oriented outcomes at COP28 that have charted a new and vastly improved era for climate and nature action,” he added.
“COP28 also demonstrated that multilateralism can still deliver historic results. However, it must work for all regions and peoples of the world, not just some, which is why the central theme put forward by the COP28 Presidency was that the process must leave no one behind,” Jafar said.
The CEO appeared on Arab News’ “Frankly Speaking” talkshow last year to discuss his country’s hosting of the world’s premier climate conference.
The Davos session also unveiled new projects as part of the WEF’s Giving to Amplify Earth Action initiative.
The scheme aims to rally public, private and philanthropic funding to raise the $3 trillion needed each year to implement sustainable solutions.
