Conclusion of the COP28 climate summit

In the closing statement of COP28 on 13 December, member states made a historic call to break their ties with fossil fuels. Delegates also pledged to significantly accelerate the expansion of renewable energy.

Notably, an agreement was reached on the first day of the conference on a fund for damages and losses, prioritising countries hit hard by extreme weather events.

The International Chamber of Commerce (ICC) is the official UNFCCC Focal Point for Business and Industry and has been actively involved in the UN climate change process since the early 1990s.

In various meetings and rounds of negotiations, the ICC has had the opportunity to appoint representatives to make statements and contributions. To reinforce the positions of the global economy and promote the achievement of the global sustainability goals by the private sector, ICC presented several position papers and recommendations for action during the two-week conference:

• Recommendations for measures and solutions to support and promote the climate protection activities of SMEs

• Principles for assessing the sustainability of trade transactions

• Principles and guidelines for the effective design of carbon pricing instruments

• Requirements for a circular economy

• Recommendations for a competition policy that is in line with global sustainability goals
  
  

ICC Secretary General John W.H. Denton AO emphasised a holistic view of the conference's success. From a business perspective, the agreements signal a commitment to intensify global efforts in line with the goal of limiting temperature increases to 1.5 degrees Celsius.

Read the full statements of John W.H Denton here.