Limiting global warming to 1.5C is at the bottom of the list of desired outcomes for global businesses at this year’s Cop28, a new survey has found.
The findings show that the business world has little faith in the Glasgow climate pact’s pledge to “keep 1.5C alive” from Cop26, and that some markets have already priced in to exceed the target, researchers at consultancy East & Partners said and consulting firm Impact. & Influence.
The research, to be published on Tuesday, comes exactly six months before the Cop28 global climate conference in Dubai in November. Scientists have warned that exceeding 1.5 C is likely to trigger irreversible tipping points that would lead to the collapse of life on Earth.
The researchers, who spoke to more than 1,300 companies after reaching the 100 most profitable companies in 14 countries, found that the global business world is most concerned about a stronger voice in the discussions at Cop28.
Business leaders in most markets highlighted “private sector engagement” as the key theme for Cop28 that is most relevant to their business. This was followed by climate finance reform, green innovation and technology, biodiversity, inclusion and finally “keeping 1.5C alive”.
The findings have fueled concerns that companies are losing sight of the bigger picture of helping to limit global warming to 1.5C. But they also fueled calls for Cop28 organizers to provide global business leaders with a more meaningful platform for discussions.
“It is alarming that ‘keeping 1.5C alive’ is ranked so low among global companies just two years after Cop26,” said Rishi Bhattacharya, CEO and founder of Impact & Influence. “This suggests that prices may be too high. It’s more important than ever to communicate the need for businesses to be part of the solution.”
Paul Dowling, co-founder of East & Partners, added: “At the moment, business leaders feel marginalized in the climate debate. The organizers of this year’s Cop28 would be wise to bring them to the table, not only to increase confidence in the process, but also to leverage the enormous resources and innovation that the private sector can bring to the fight against climate change.
“Collaborative efforts between governments and business are essential to achieving our global climate goals – not least to keep 1.5C alive.”
The research follows warnings from scientists earlier this month that the world is likely to exceed 1.5C in the next five years. Professor Johan Rockstrom of the Potsdam Institute for Climate Impact Research told the Innovation Zero Congress in London last week: “1.5C is not a target. I call it a physical limit.
“At 1.5C, we have five major tipping point systems that it is likely to cross. One is the West Antarctic ice sheet. The other is the Greenland ice sheet. The third is all the tropical coral reef systems.
“The fourth is the sudden melting of permafrost in the boreal zone and the fifth is the sea ice in the Bering Sea. These are likely to be exceeded at 1.5C, but we don’t know how many years we can stay above 1.5C before that tipping point occurs permanently. “
The UN has said that global greenhouse gas emissions must peak by 2025 at the latest and fall by 43% by 2030 to limit the rise in global temperatures to 1.5C above pre-industrial levels – the goal of the Paris Agreement.
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