BusinessEurope expectations for COP28

International climate negotiations are happening in times of geopolitical tensions and crises. On-going military conflicts in several regions or increasing unilateral actions from many important players with an impact on global value chains mean that COP28 can be challenged by increasing scepticism concerning multilateral agreements. To strengthen international climate cooperation in the coming years, it will be crucial to honour existing commitments, adhere to agreed processes, and show diplomatic tact in dealing with partner countries.

COP28 in Dubai will deal with the first global stocktake (GST). It is the main mechanism through which progress under the Paris Agreement will be assessed from now on every five years. Other critical issues include getting the loss and damage fund up and running, agreeing on a framework for the Paris Agreement’s global goal on adaptation (GGA), the market and non-market mechanisms under article 6 of the Paris Agreement and negotiations on climate finance.

The European business community fully supports the Paris Agreement and stands firmly behind the EU’s climate neutrality ambition. COP28 will be important to set the course of strengthened collective actions. Businesses are indispensable partners to make this deep transformation environmentally, economically, and socially successful.