Guide to COP28

From November 30 to December 12, world leaders, policymakers, activists, and corporations will gather in Dubai for the twenty-eighth annual United Nations Conference of Parties (“COP28”). And while all eyes will be on international negotiators as they discuss the findings of the first Global Stocktake, expanding climate financing opportunities in developing countries, and operationalizing the loss and damage fund established at COP27, the private sector is set to play a large role in the proceedings as well. COP28 is anticipated to have the largest private sector presence of any of the previous climate conferences, with over 70,000 delegates expected to attend.

Tackling the climate crisis will require the full engagement of businesses across every industry and sector. As noted by the Intergovernmental Panel on Climate Change in its latest synthesis report, the private sector, along with governments and civil society, “play[s] a crucial role in enabling and accelerating shifts in development pathways towards sustainability and climate resilient development.” COP28 will provide a key opportunity for corporate leaders to engage with government delegates and representatives of civil society to take impactful steps towards decarbonization and achieving the Paris Agreement target of limiting global temperature rise to 1.5 degrees above preindustrial levels. You can find our previous post on what to expect at COP28 here.

To help businesses make the most of their participation at COP28, this post provides an overview of the structure of the conference, schedule of events, and key private sector-led climate initiatives taking place alongside of the COP framework, along with recommendations on how to best prepare for COP28.

I. Structure of COP28

Before arriving in Dubai, it is important to understand how the conference will be structured. As with previous conferences, events at COP28 will be divided into two zones: the Blue Zone and the Green Zone.

The Blue Zone. Events in the Blue Zone are only open to UN-accredited participants, namely: world leaders; representatives from signatory countries; official observers from UN agencies, international government organizations, and NGOs; and media officials. The formal negotiations between world leaders will take place in the Blue Zone, along with panel discussions, roundtables, and cultural events. The World Climate Action Summit, which brings together world leaders to discuss key issues and concrete actions to meet global climate goals, will be held in the Blue Zone, as well as other high-profile events.

The Green Zone. Unlike the Blue Zone, the Green Zone is open to all registered COP28 participants. Managed by the COP Presidency, events in the Green Zone range from discussions, talks, presentations, and other fora held by NGOs, civil society, the private sector, youth groups, and indigenous peoples. The Green Zone will also feature dedicated hubs focused on different topics, such as energy transition, climate finance, technology and innovation, and climate-related start-ups. Events at the Green Zone offer an opportunity for participants to meet and collaborate on the multidimensional issues that embody the global response to climate change.

II. COP28 Schedule of Events

In addition to informal and sidebar events, COP28 will feature scheduled programming centered on four cross-cutting themes:

1. Technology and Innovation, to catalyze action in the development and deployment of climate solutions as part of the energy transition;
2. Finance, to mobilize financial resources and funding mechanisms to provide capital for clean energy and climate change adaptation projects;
3. Inclusion, to ensure that the transition to a low-carbon economy supports and provides opportunities for all people and includes input from a diverse array of stakeholders; and
4. Frontline Communities, to center the voices and needs of those most impacted by the effects of climate change, such as indigenous peoples and small-island states.

Under this thematic umbrella, each day will have its own subject matter focus to structure programming and encourage participation. The entire thematic program for COP28 can be found on the event’s website here. The U.S. Center at COP28, which showcases U.S. climate leadership across a diverse array of sectors and issue areas, will also hold daily events that coincide with the each day’s thematic programming,

III. Private Sector Climate Initiatives

The annual Conference of Parties provides an important forum for the world to set and align on the goals and actions necessary to carry out the energy transition and prevent the worst effects of climate change. But there are numerous other climate initiatives that provide the private sector actors with opportunities to collaborate with one another, nonprofits, and government officials to set and advance climate goals. We have highlighted several key programs below as companies consider expanding their participation in climate initiatives and conferences outside of COP28.

U.S. Chamber of Commerce GreenTech Missions. Conducted by the U.S. Chamber of Commerce, Green Tech Missions serve to connect leading U.S. businesses with potential clean energy and green technology investment opportunities in various countries around the world. These missions feature high-level government officials and business leaders from both the U.S. and the host country. In advance of COP28, the U.S. Chamber has held GreenTech missions in Dubai (June 2023) and Brazil (September 2023), the host of COP30 in 2025.

First Movers Coalition. Established by the World Economic Forum in November 2021 at COP26, the First Movers Coalition (“FMC”) is a coalition of 89 leading companies that aim to use their purchasing power to create markets for clean technologies in hard-to-abate sectors such as aviation, shipping, steel, and trucking. FMC works towards this goal by connecting coalition members with suppliers, tracking progress towards achieving abating carbon emissions in target sectors, and sharing knowledge and tools on how to best execute on decarbonization and purchasing commitments.

The Agriculture Innovation Mission for Climate. The Agriculture Innovation Mission for Climate (“AIM for Climate”) is a joint initiative by the United States and the United Arab Emirates that seeks to drive commitment and investment in climate-related agricultural innovation and solutions from 2021 through 2025. Launched at COP26, AIM for Climate includes over 55 countries as government partners and more than 500 industry and research partners worldwide.

Leaf Coalition. The Leaf Coalition (LEAF) is a public-private partnership founded with the goal of halting tropical deforestation by 2030. LEAF brings together stakeholders from governments, the private sector, indigenous communities, and civil society to identify and deploy financing necessary for tropical and subtropical governments to end deforestation through the purchase of credits under the REDD+ framework established by the Paris Agreement.

Sustainable Aviation Fuel Buyers Alliance. The Sustainable Aviation Fuel Buyers Alliance (“SABA”) is a coalition of companies in the aviation, finance, technology, and consulting industries and non-governmental organizations committed to accelerating investment in and adoption of sustainable aviation fuels (“SAFs”). Managed by the Environmental Defense Fund and RMI, SABA provides guidance on how to evaluate the credibility of SAFs, education, policy, and regulatory compliance support to members engaged in aviation emissions accounting, and assessments on emerging SAF technologies to address barriers to implementation.

Center for Climate and Energy Solutions. Founded in 1998, the Center for Climate and Energy Solutions (“C2ES”) is an environmental policy thinktank focused on accelerating the transition to net-zero greenhouse gas emissions. C2ES pursues this mission by convening and collaborating with communities, businesses, and policymakers to build partnerships and develop sustainable climate policies in support of the net-zero transition, the climate goals enshrined in the Paris Agreement, and action towards improving climate resilience.

International Emissions Trading Association. Established in 1999, the International Emissions Trading Association (“IETA”) is a business association that seeks to encourage businesses to advance the climate goals of the Paris Agreement and establish effective and transparent market-based trading systems for GHG emissions and reductions. To do so, IETA brings together carbon market practitioners and stakeholders to share best practices and collaborates with policymakers and regulators on the development of carbon markets.

IV. Preparing for COP28

In his most recent letter to parties, COP28 President Dr. Sultan Al Jaber encouraged negotiators and observers to “be positive and be prepared” ahead of COP28 so that the conference can deliver the “historic, meaningful, high-ambition outcome” needed to keep the Paris Agreement targets within reach. Here are a few recommendations for business leaders to keep in mind as they prepare their delegations for COP28.

Know your progress on current climate commitments. Driving action on decarbonization and phase-out of fossil fuels requires understanding your progress towards meeting your current climate goals. Before arriving at COP28, companies should have a deep understanding of the steps they are and have taken to align with the global emissions-reduction and decarbonization commitments set forth in the Paris Agreement. This includes having visibility on your company’s carbon footprint, stated carbon neutrality and net-zero goals, and milestones reached through participation in domestic and international climate-related initiatives.

Plan your participation in advance. Between the scheduled events in the Blue Zone and Green Zone and offsite and sidebar discussions held alongside the conference, COP28 will feature more events in a day than most organizations attend in a year. To make the most of their attendance, companies should review the COP28 schedule to identify events that most relate to their industry and climate goals. In particular, companies should look for opportunities for direct engagement with other delegations, such as networking events, as opposed to passive engagement opportunities such as panel events.

Build on and follow-up with new connections. With over 70,000 delegates anticipated, COP28 represents a tremendous opportunity for business leaders to share best practices and experiences with setting, monitoring, and achieving corporate climate goals and to learn about how to become involved in private sector climate initiatives such as those described in this post. COP28 also presents a rare opportunity to interface with government officials from countries around the world to gain a better understanding of their national climate policy objectives and opportunities for public-private partnerships. During and after COP28, companies should develop a plan for following up with connections and contacts made at the conference to build existing business relationships and create new ones.

Covington’s Energy Industry Group is purpose-built for advancing the energy transition and our Carbon Management and Climate Mitigation (“CM2”) group has extensive experience and capabilities advising on carbon management and climate mitigation strategies. Our global team is ready to assist clients as they prepare for COP28, implement their corporate net-zero goals, and identify strategic partnerships and funding opportunities to accelerate the energy transition.

If you have any questions concerning the material discussed above, please contact the members of our ESG practice.