Almost one third of the world's large corporations are keen to seen the role of the private sector prioritised at November's Cop28 summit in a survey that placed strong emphasis on solutions-driven responses to the climate crisis.
The poll found that engaging the private sector was viewed as a top priority for Cop28, while reforming climate finance and clean tech innovation came second and third.
The categories of biodiversity, inclusion and the 1.5C target for capping warming were placed lower in the poll of priorities.
More than half of the 100 companies in the study said business needed a "stronger voice" when it comes to measures aimed at tackling climate change.
The research, conducted by the financial research firm East and Partners and the communications consultancy Impact and Influence, illustrates a lack of confidence among global corporation on the ability to stay below the Paris Agreement target figure.
With exactly six months to go before the Cop28 UN climate summit in Dubai, research shows the "Keep 1.5ºC Alive" pledge from Cop26 in Glasgow is now at the bottom of the list of desired outcomes for companies planning to attend Cop28.
Private sector engagement
“This research – the first of its kind – reveals businesses want a seat at the table at Cop28 to put their shoulder to the wheel to solve the escalating climate crisis. At the moment, business leaders feel side-lined in the climate discussions," said Paul Dowling, co-founder and principal analyst of East and Partners.
“This year's Cop28 organisers would be wise to bring them to the table, not only to boost confidence in the process but also to harness the immense resources and innovation that the private sector can bring to the fight against climate change."
'Weak pulse'
Last week research from the World Meteorological Organisation found there was a 66 per cent likelihood of exceeding the 1.5ºC threshold in at least one year between 2023 and 2027.
The secretary general of the WMO, Prof Petteri Taalas, pointed out that the research didn't mean that "we will permanently exceed the 1.5ºC specified in the Paris agreement, which refers to long-term warming over many years.
"However, the WMO is sounding the alarm that we will breach the 1.5ºC level on a temporary basis with increasing frequency.”
Rishi Bhattacharya, chief executive and founder of Impact and Influence, said 'Keeping 1.5 ºC Alive' attracted surprisingly low interest among global corporates.
"This suggests they may be pricing in an overshoot," he said "It is more important than ever to communicate the need for business to be part of the solution.
"With Cop28 in Dubai approaching, ensuring business involvement in the climate conversation is more crucial than ever, as their participation increases the likelihood of success in addressing climate change.”
The research by East and Partners and Impact and Influence involved interviews conducted with 1,308 corporations across 14 countries.
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Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
The Bio
Hometown: Bogota, Colombia
Favourite place to relax in UAE: the desert around Al Mleiha in Sharjah or the eastern mangroves in Abu Dhabi
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What it means to be a conservationist
Who is Enric Sala?
Enric Sala is an expert on marine conservation and is currently the National Geographic Society's Explorer-in-Residence. His love of the sea started with his childhood in Spain, inspired by the example of the legendary diver Jacques Cousteau. He has been a university professor of Oceanography in the US, as well as working at the Spanish National Council for Scientific Research and is a member of the World Economic Forum’s Global Future Council on Biodiversity and the Bio-Economy. He has dedicated his life to protecting life in the oceans. Enric describes himself as a flexitarian who only eats meat occasionally.
What is biodiversity?
According to the United Nations Environment Programme, all life on earth – including in its forests and oceans – forms a “rich tapestry of interconnecting and interdependent forces”. Biodiversity on earth today is the product of four billion years of evolution and consists of many millions of distinct biological species. The term ‘biodiversity’ is relatively new, popularised since the 1980s and coinciding with an understanding of the growing threats to the natural world including habitat loss, pollution and climate change. The loss of biodiversity itself is dangerous because it contributes to clean, consistent water flows, food security, protection from floods and storms and a stable climate. The natural world can be an ally in combating global climate change but to do so it must be protected. Nations are working to achieve this, including setting targets to be reached by 2020 for the protection of the natural state of 17 per cent of the land and 10 per cent of the oceans. However, these are well short of what is needed, according to experts, with half the land needed to be in a natural state to help avert disaster.
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Roll of honour 2019-2020
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Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
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Emergency phone numbers in the UAE
Estijaba – 8001717 – number to call to request coronavirus testing
Ministry of Health and Prevention – 80011111
Dubai Health Authority – 800342 – The number to book a free video or voice consultation with a doctor or connect to a local health centre
Emirates airline – 600555555
Etihad Airways – 600555666
Ambulance – 998
Knowledge and Human Development Authority – 8005432 ext. 4 for Covid-19 queries
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Business Insights
- As per the document, there are six filing options, including choosing to report on a realisation basis and transitional rules for pre-tax period gains or losses.
- SMEs with revenue below Dh3 million per annum can opt for transitional relief until 2026, treating them as having no taxable income.
- Larger entities have specific provisions for asset and liability movements, business restructuring, and handling foreign permanent establishments.