COP28 in UAE to create global architecture for all capital actors to act together

At a special session on climate philanthropy hosted at the World Economic Forum (WEF) annual meeting in Davos, public, private and philanthropy leaders gathered to amplify efforts to achieve net zero and nature positive goals. The session, titled ‘Philanthropy: A Catalyst for Protecting Our Planet,’ took place as the United Arab Emirates prepares for hosting COP28 Emirates Climate Conference later this year.

In opening remarks, Borge Brende, President of the World Economic Forum, pointed out that less than 2% of global philanthropy currently goes towards climate change action and called for greater collaboration between stakeholders to scale impact. He was followed by John F. Kerry, US Special Presidential Envoy for Climate, who spoke of the urgent need to harness the power of catalytic philanthropy to protect our planet.

Moderated by Gim Huay Neo, Managing Director, Centre for Nature and Climate, World Economic Forum, the session convened business and policy leaders including Mark Carney, UN Special Envoy for Climate Action and Finance, Desmond Kuek, CEO, Temasek Trust, Dr Rania Al-Mashat, Minister of International Cooperation, Egypt, and Badr Jafar, CEO of Crescent Enterprises.

Currently, between $7.5-12.5 billion of global philanthropy is spent on climate action with funding for climate mitigation tripling in the past 5 years. The discussion focused on the opportunity for strategic philanthropy to unlock trillions in private capital and government-procured funds towards meeting climate goals, while also highlighting the important role for philanthropy across global growth markets including the Middle East and North Africa to help create an enabling environment to accelerate action.

Badr Jafar, CEO, Crescent Enterprises, who is also the Founding Patron of the Centre for Strategic Philanthropy based at the University of Cambridge and Strategic Philanthropy Initiative at NYU Abu Dhabi, commented: “Climate change affects us all. It has the potential to deeply impact human health and capital assets with issues such as extreme heat, water scarcity and poor air quality already creating systemic challenges for global growth markets. Rising to the challenge of tackling these issues requires a truly collaborative approach, and a combination of political will, private capital and home-grown innovation if we are to unlock the $100 trillion additional investment needed to transition to net zero.”

The meeting also witnessed the launch of the World Economic Forum’s Giving to Amplify Earth Action (GAEA), a public-private-philanthropy partnership for climate and nature calling for a multi-stakeholder and multi-sector approach to embrace global philanthropy to catalyse climate action, announcing Badr Jafar as a Champion of the initiative.

“As we witness the largest generational transfer of wealth of over 60 trillion dollars take place in the coming years, we have a unique opportunity to embrace a cultural shift in giving, to use this vast wealth to attain sustainable and inclusive prosperity globally,” Badr Jafar remarked. “Regions like the Middle East and Africa stand the most to gain from climate adaption and mitigation investments, and COP28 in the UAE will create a global architecture for all capital actors to act together at speed and at scale,” he added.

The discussion was hosted as part of WEF’s climate multi-sector collaborative to unlock the private finance and public funds needed to regenerate the earth systems across nature, ocean, conservation, restoration, air quality, water, food systems, biodiversity, industry decarbonisation and green technology deployment.

Crescent Enterprises is a leading multinational company, growing diversified global businesses that are sustainable, scalable, and profitable. Headquartered in the United Arab Emirates, with business operations in 15 countries.

Saudi Arabia, represented by the Ministry of Economy and Planning (MEP), has joined the World Economic Forum’s (WEF) Jobs Consortium, it was announced at the organization’s 2023 Annual Meeting in Davos.

The Jobs Consortium is a coalition of CEOs, IOs, ministers and other leaders with a common aim to promote a better future of work for all by enabling job creation and job transitions. The community of leaders works to boost foresight on labor market trends, support high job quality and fair wages, and identify investments in key sectors leading to good job creation.

The Kingdom’s membership in the Jobs Consortium aligns with Saudi Vision 2030 and its commitment to building a thriving, vibrant economy that creates new sectors, hundreds of thousands of new jobs, and cross-cutting innovation.

“People are the key driver of any successful transformation and the sustainability of its outcome. Everything we do is focused on empowering our people by equipping them with the evolving set of tools and skills, and creating the opportunities for them to capture, grow, and flourish,” said His Excellency Faisal bin Fadhil Alibrahim, Minister of Economy and Planning.

Members of the Jobs Consortium met in Davos at the World Economic Forum Annual Meeting this week to exchange views and agree on priority areas for action to build a better future of work. In the coming months, members will develop case studies to showcase pathways to achieve the consortium’s vision. They will also seek to implement the vision through scaling country and industry-level action.

Saudi Arabia is participating in WEF23 between 16-20 January to bridge global divides and facilitate near-term stability while driving multilateral reform and long-term transformation.