Why COP28 is important and why it was met with
optimism and scepticism

As the 28th Conference of the Parties (COP28) has drawn to a close, Prominate Global Sustainability Director, Jonathan Wragg, reflects upon the probing questions raised by environmentalists and sustainability experts leading into COP28.

– Host Nation Influence: How significantly does the host nation affect the final outcomes?
– Sponsorship’s Policy Influence: To what extent does sponsorship influence or shape policy?
– Balancing Social Value: Prioritisation of social value as prominently as carbon reduction and carbon markets?
– Operationalising the Loss and Damage Fund: Is there a plan to make the Loss and Damage Fund operational
– Adoption of the Paris Agreement: Can we expect a solid commitment to adopt and uphold the Paris Agreement’s principles
– COP28 Outcomes: Trusted and what sets the outcomes from the previous conferences
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COP’s pivotal role is as a global platform for addressing pressing environmental concerns and fostering international cooperation to combat climate change. This annual conference serves as a critical junction for nations to reevaluate and enhance their commitments towards reducing greenhouse gas emissions, transitioning to sustainable energy sources, and implementing policies that safeguard the planet’s future.

Please see below the COP timeline:

Positive Strides and Ongoing Challenges

Firstly, the language used during COP28 has left a trail of positive headlines. For the first time, the fossil fuel industry was included in an agreement with one hundred countries agreeing to triple the usage of renewable energy and double their energy efficiency by 2030.

Secondly, the Loss and Damage fund agreed at COP27 raised $700 million to support developing countries through the newly agreed framework. This framework will allow financial assistance for ever more frequent climate disasters. Thirdly, biodiversity, social impact, and food were repeatedly discussed and brought to the forefront showing a clear shift away from carbon focus and tunnel vision whilst highlighting the current climate emergency.

The positives set a high tone; however, it is important to delve beyond the addressed points and explore what was not discussed and why. Jonathan Wragg, Prominate Sustainability Director, emphasises the importance of looking behind the headlines.

Following COP27, the terminology shift away from “phasing out” to “transition away” and although this may sound similar, it conveys less urgency and a more gradual shift. Notably, the latest research from the World Meteorological Organisation indicates a 66% chance of passing the 1.5C global warming threshold before 2027, marking the highest probability on record.

Surprisingly, alarmist statistics were brushed over in seminars. However, the science and data emphasise that constant temperature increases exceeding 1.5C will have dire consequences for the natural world and disproportionately affect the poorest nations. Such temperature changes will have long-lasting effects on our climate and therefore there is an urgency to act and adhere to established goals and targets to achieve the commitment of net zero by 2030.

Will COP28 directly affect our clients and Prominate

Social Value and Social Impact will become that trend. Now social value is nice to have but as ESG & CSR become more mainstream, social value, local manufacturing, and social initiatives will become more mainstream.

The ripple effects of the policy shift emerging from COP28, both globally and at the national level, will take time to filter down to private companies and organisations. Similar to concepts like carbon tunnel vision and offsetting, the critical issues discussed at high-profile events begin as headlines and gradually evolve into industry trends, eventually finding their place in company policies. This evolution inevitably trickles down to impact the marketing and purchasing teams, thereby influencing the promotional materials industry.

Value and Social Impact. While Social Value has often been seen as a desirable aspect, the increasing mainstream adoption of Environmental, Social, and Governance (ESG) principles and Corporate Social Responsibility (CSR) will elevate the significance of social value, local manufacturing, and social initiatives into mainstream business approaches.

In conclusion

At Prominate, we have assessed the policies and dialogues from COP28 and seamlessly integrated key elements into our everyday practices, focusing on the things that will make the biggest difference. View the Prominate ESG roadmap here and view how we progress our plans for a better future

For more information on how Prominate can support your business in achieving its sustainability goals contact, ‘Jonathan Wragg’.