What climate negotiations changed

BUSINESSES seem divided about climate change negotiations at the recent COP28 (the 28th Conference of Parties). Some followed the conference closely and even made considerable effort to turn up for Dubai’s throng of events. Others – concerned about year-end results and 2024 outlook – skimmed the extensive news coverage and rolled their eyes at the squabbling over words in the final statement.

Many will leave the large and long-term issues of climate to governments – like the creation of a loss and damage fund to compensate countries hard hit by climate. Yet, on other points, COP28 matters to business and quite immediately. This is especially for the energy sector, and the carbon-intensive fuels: coal, oil and gas.

Transition away and mainstreaming

To avoid climate catastrophe, the global economy must change how it produces and uses energy. As expected, there was strong resistance against moves to limit and phase out carbon-intensive fuels. Yet COP28 did finally agree on a “transition away” from fossil fuels.