Bonn, a Boon for Business? Top Ways Your Company Can Make the Most of COP23

This article has been submitted by Edward Cameron, Senior advisor, BSR and WBCSD & Maria Mendiluce, Managing Director, WBCSD

COP21 in Paris was a watershed second for presidency. COP23 in Bonn would be the yr for enterprise.

In at present’s unsure geopolitical panorama, companies have a novel alternative to step up on local weather motion, however they must be knowledgeable and so they must be engaged.

Next week, hundreds of delegates from authorities, worldwide organizations, commerce unions, enterprise and civil society will collect in Bonn, Germany for the newest spherical of negotiations below the United Nations Framework Convention on Climate Change (UNFCCC).

This 23rd Conference of the Parties, COP23 because it’s recognized, will give Paris Agreement signatories the chance to evaluate their progress in implementing local weather commitments. It will even allow them to create guidelines to make sure they’re adhering to the Agreement, whereas making ready the groundwork for all nations to extend ambitions below their nationwide local weather motion plans.

The badembly couldn’t come at a greater time, as 2017 has been one other vital yr for the well being of the planet.

COP23 coincides with the closing of the 2017 Atlantic hurricane season, more likely to be the most expensive on document, with a preliminary complete of over US$290 billion in damages for hurricanes Harvey and Irma alone. Hurricane Irma was the strongest recorded hurricane ever to type within the Atlantic Ocean; and hurricane Ophelia is the easternmost main hurricane within the basin on document.

With the European Union additionally reeling from tragic wildfires in Spain and Portugal, and experiencing a doubling within the complete variety of forest fires in 2017 whereas lethal wildfires rage throughout California, delegates must be motivated to infuse the negotiations with the urgency and ambition they deserve.

On one facet, we’ve intense climate occasions – on the opposite, governments appear to be shedding focus.

Global politics – particularly round local weather motion – proceed to be unclear, and the necessity for distributed management amongst a various array of stakeholders throughout the UNFCCC course of is extra poignant than ever.

In this context, Bonn could possibly be enterprise’s local weather second. As such, listed below are the highest 5 points for corporations to interact with and be careful for:

The Marrakech Partnership, transcend show-and-tell

The Marrakech Partnership for world local weather motion supplies a platform for showcasing profitable approaches to lowering greenhouse gases and enhancing local weather resilience. The showcasing ingredient is essential, however the Partnership is lacking an area for a structured dialog between governments and different stakeholders to deal with the challenges that undermine local weather motion.

Many corporations wish to go additional and quicker in direction of decarbonization, however don’t know how you can get there.

The first query COP23 negotiators must reply is, “How can governments provide companies with a policy enabling environment that catalyzes their ambition?” Improving the Marrakech Partnership is essential to this.

Business must be heard at COP23 – they need to be vocal to negotiators in regards to the coverage setting they need and the options they will convey to the market to speed up the transformation to a low-carbon world.

The facilitative dialogue, be sure to’re being heard

The Facilitative Dialogue is a course of meant to take inventory of collective progress in direction of the long-term objectives of the Paris Agreement by talking to a variety of stakeholders. It’s additionally designed to badist kick off consideration of the 2020 replace to nations’ Nationally Determined Contributions (NDCs).

Over the course of 2017, the Fijian and Moroccan governments have been main in depth consultations how to get enter from different stakeholders: how usually will folks have the chance to offer enter, can they bodily sit within the rooms with negotiators, how will their enter be built-in?

A draft design of what the facilitative dialogue will appear to be goes to be introduced throughout COP23.

For enterprise, the important thing questions round this course of are, “Will this Dialogue lead to stronger collective ambition and not just a review of progress? Will the Dialogue result in more comprehensive national climate action plans? And will companies be invited to engage as partners in the design of the Dialogue and of the domestic policies that follow?”

Business must be concerned and contribute to scale ambition of the NDCs to satisfy the agreed objectives.

Climate resilience, put together for what’s inevitable

Climate change is a major and materials threat to enterprise.

Research within the journal Nature suggests the influence of local weather change available on the market worth of worldwide monetary belongings to be $2.5 trillion and could possibly be as excessive as $24.2 trillion below worst case situations.

In a current survey, 72% of suppliers acknowledged that local weather dangers might considerably influence their enterprise operations, income or expenditure, but solely half of those are at the moment managing this threat.

Governments and the personal sector want to seek out constructive methods to accomplice in constructing resilience inside particular person corporations, throughout complicated world provide chains, and inside frontline communities experiencing local weather impacts.

This yr’s COP will prioritize local weather resilience, a well timed and welcome focus for enterprise.

Carbon pricing, change the system

Almost 40 nations and greater than 20 cities, states and provinces already use carbon pricing mechanisms or are planning to implement them. The present complete worth of those pricing techniques is estimated to be US$52 billion.

Businesses are additionally calling for a significant carbon value. It’s probably the most environment friendly technique of driving change because it supplies the financial sign for investments, operations and procurement of low-carbon services and products.

Governments want to seek out methods to align carbon pricing mechanisms, guaranteeing that pricing is credible, predictable and excessive sufficient to drive ambition in keeping with the Paris Agreement.

Governments should additionally guarantee coherent laws between nationwide and regional carbon market whereas establishing strong accounting guidelines to make sure transparency and good governance. They additionally should take into account the social impacts when designing carbon pricing.

The United States’ resolution to withdraw the United States from the Paris Agreement will inform the dominant political backdrop to the two-week session. Cities, states and firms have illustrated the range of American dedication to decarbonization by way of their very own pledges and motion.

But how will the worldwide neighborhood reply to US plans?

The first indications recommend a resolute response. Throughout the yr, different members of the G7 and the G20 reiterated their dedication to implement the Paris Agreement in full. The European Union and China have solid a brand new bilateral relationship which is rising as a brand new engine of local weather ambition.

Will world dedication to Paris maintain and can new facilities of management emerge to drive ambition ahead?

What’s clear is that enterprise is an implementation accomplice in lowering emissions and due to this fact must be absolutely concerned in shaping the following spherical of nationwide local weather motion plans.

This is the second for company management

The Paris Agreement was an awesome victory and a testomony to the braveness, ability and ambition of governments throughout the globe. As local weather motion strikes from commitments and agreements to implementation and innovation, the function of enterprise turns into extra essential.

The personal sector will likely be the driver of technological growth, the supply of the trillions of in low-carbon investments and the pressure behind emissions reductions throughout world provide chains.

As we construct on the success of Paris, companies have develop into full companions in shaping an inclusive and affluent low-carbon financial system.

Keep updated with the Natural Capital Coalition on Twitter: @NatCapCoalition

Keep updated with our sequence on pure capital right here.

www.naturalcapitalcoalition.org




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