HACKING… COP28

Another edition of the United Nations Conference on Climate Change has ended. COP28, held in Dubai, United Arab Emirates, brought together global leaders from 140 countries and sparked the interest of decision-makers worldwide, eager for resolutions aimed at environmental preservation and addressing climate change.

COP editions also represent a unique opportunity for the private sector to actively shape climate policies by presenting perspectives, recommendations, and proposals.

The direct impact of these discussions on companies’ business models is undeniable. They are increasingly aware of the role they play in strengthening ESG pillars. Moreover, such debates shape companies’ positioning, as they understand the importance of adopting sustainable practices for the planet and their reputation.

Therefore, we have been attentive to all discussions and now share some insights we observed during the event.

“The time has come to adopt maximum ambition and maximum flexibility. We are in a race against time. In our fractured world, COP28 can show that multilateralism remains our best hope for addressing global challenges.“

António Guterres, Secretary-General of the United Nations

“To respond to the urgency of this challenge, we need to know what companies, investors, and governments are doing to combat climate change.”

Miriam Garcia, Director of Political Engagement at CDP, an organization that maps greenhouse gas emissions

“Brazil is the country that reduced carbon emissions the most in 2023. I do not doubt that the carbon world will generate many opportunities if the country knows how to seize the moment. People have discovered that forests are not the world’s lungs [oceans play that role] but are the planet’s great air conditioning.”

Rodrigo Agostinho, President of Ibama

Crucial Moment for the Future

COP28 took place at a crucial moment for humanity to reduce carbon emissions by 2030, slowing down the climate crisis and fulfilling the Paris Agreement, which limits the increase in the global average temperature to less than 2°C, preferably 1.5°C, compared to pre-industrial levels.

Absence of the US and China

Joe Biden and Xi Jinping, the presidents of the US and China, were not present at the most significant climate discussion event. Experts say the absence of the largest polluters calls into question the agreements that should emerge from COP28’s final report.

Focus on Clean Energy
As we were closing this material, the final report of COP28 had not yet been released. However, previews suggest that countries should take measures to triple global renewable energy capacity and accelerate efforts to create systems to achieve net-zero carbon emissions. The expectation is that world leaders will sign a commitment to phasing out fossil fuels.

Brazilian Actors Present

Brazil had a record number of participants and had the largest delegation at the event. This is an important sign of the topic’s relevance for various national stakeholders: the federal government, states, the private sector, and civil society. The country also signed the “Joint Declaration to Support Financing for a Just and Green-Energy Transition,” an initiative to collaborate on promoting a green and just energy transition in our territory.

Ready for COP30

COP30 will be held in Belém (PA) at the end of 2025, with all eyes on the country. It is an excellent opportunity for local companies – and subsidiaries of multinational corporations operating in Brazil – to highlight advances in the sustainable agenda, governance, and transparency processes. At RPMA, we will be alongside our clients on this journey!