Inayat-ur-Rahman, Business Editor

At a special session hosted at the World Economic Forum (WEF) annual meeting in Davos, public, business and philanthropy leaders gathered to highlight the role that philanthropic, family office capital and development finance can play in helping to transform market practices to fast track a net-zero, nature positive economy. 

The session convened business and policy leaders including Secretary John F. Kerry, US Special Presidential Envoy for Climate, Ray Dalio, Founder of Bridgewater Associates, Mafalda Duarte, Executive Director of Green Climate Fund, Desmond Kuek, CEO of Temasek Trust, Mahktar Diop, Managing Director of International Finance Corporation (IFC) and Badr Jafar, COP28 Special Representative for Business & Philanthropy and CEO of Crescent Enterprises.

The event opened with remarks from Secretary John F. Kerry, who spoke to the challenges and opportunities in meeting climate goals, and the role that private capital can play as market drivers to innovate and create sustainable solutions. He commented that, as a result of the combined outcomes of COP28, “We are in better shape to take this (climate) issue to where it needs to go than we have ever been.”

Badr Jafar, who chaired the inaugural COP28 Business & Philanthropy Climate Forum, commented: “One theme consistently highlighted at the Business & Philanthropy Climate Forum, where more than 1,300 business and philanthropy leaders from more than 80 countries convened to unlock  $7 billion in commitments to climate and nature, is the unique role that the private sector must play, deploying its dynamism, capital, and action networks to accelerate progress towards net zero.”

Referring to some of the key COP28 success factors that future COP presidencies can embrace to ensure progress is further accelerated, Badr Jafar said, “COP28 reflected  Dr Sultan Al Jaber’s vision to create a paradigm shift in the way we unite, act, and deliver. Rebuilding trust across sectors and regions of the world required a relentless focus on inclusivity, bringing together record numbers of representatives from business, civil society, youth, academia, indigenous peoples, and faith leaders, combing their respective strengths to deliver the historic action-oriented outcomes at COP28 that has charted a new and vastly improved era for climate and nature action.” He added, “COP28 also demonstrated that multilateralism can still deliver historic results, however it must work for all regions and peoples of the world, not just some.”