About 400 leading experts from across business, academia, government, civil society, and media met for the World Economic Forum’s (WEF) Annual Meeting of the Global Future Councils, that took place in Dubai from 16 – 18 October. The network of Global Future Councils is one of the world’s foremost multistakeholder and interdisciplinary knowledge networks dedicated to exploring a more resilient, inclusive and sustainable future.
The closing plenary explored what it takes to pioneer forward-thinking approaches to accelerate sustainable economic and social progress, and featured H.E. Omar Sultan Al Olama, UAE Minister of State for Artificial Intelligence, Badr Jafar, CEO of Crescent Enterprises, Nili Gilbert, Vice-Chairwoman of Carbon Direct, Reshma Saujani, Founder and Chief Executive Officer of Moms First, and Lauren Woodman, Chief Executive Officer of DataKind.
Badr Jafar, COP28 Special Representative for Business and Philanthropy, shared his views on the critical role of business in driving the climate and nature agenda, and the transformative potential of strategic philanthropy towards realizing a net zero and nature positive world.
Jafar said, “The private sector, including philanthropy, holds the greatest promise to accelerate the accomplishment of our climate and nature global goals, and needs to be the connective tissue linking one COP conference to another. To move from accords and announcements, to actions and impact, we need the private sector to be fully integrated into the COP process, which is why the COP28 Presidency will host the Business & Philanthropy Climate Forum (BPCF) on the 1st and 2nd of December to mobilize global business and philanthropy leaders, along with policy makers, to drive bolder results in line with the COP28 Presidential Action Agenda.”
During the session, Badr Jafar also spoke of the integral role strategic philanthropy can play in meeting climate and nature goals. As an early champion of WEF’s Giving to Amplify Earth Action (GAEA), which aims to mobilise and coordinate climate philanthropy globally, Jafar shared his belief that philanthropy can catalyse the change needed to move the needle on all key challenges facing humanity and our habitat, including the climate and nature challenge.
With private philanthropy standing at over USD 1 trillion annually, more than five times official development assistance (ODA) from governments, and with current levels of philanthropic funding towards climate causes estimated to be less than 2% of overall funding, Jafar spoke of the major opportunities that lie ahead.
He said: “There is a highly encouraging shift towards the institutionalisation of philanthropy across global growth markets, with increasing recognition of the interconnectedness of climate and a wide range of societal issues including public health, food security, and biodiversity. In addition, we are in the midst of a major transition of wealth within these markets, with USD 5 trillion expected to pass between generations within the next 15 years in Asia alone. This next generation is far more attune to the risks and opportunities associated with climate adaptation and mitigation efforts.”
Jafar also provided insights into the imbalances in climate action across the world, with the top regions receiving climate change mitigation funding last year reported to be the US, Canada, and Europe, according to a ClimateWorks study. The same study showed that Africa and Latin America combined represented less than 10% of total foundation funding. This is despite the expectation that the Global South, which is home to 80% of the world’s population, is likely to bear the brunt of climate change with issues like extreme heat, water scarcity, and poor air quality already creating systemic challenges.
Reflecting on these statistics, Badr Jafar commented, “A key focus for COP28 will be to ensure proper business engagement from these regions of the world that stand the most to gain from climate action, and to help funnel more funds into these regions and from within these regions. We must also ensure that these investment and financing mechanisms are accessible, affordable and equitable in their construct.”
The COP28 Business & Philanthropy Climate Forum will bring together 500 CEOs and philanthropists, along with policymakers, to help accelerate green technology transfer, de-risk green investments through blended finance, foster innovative entrepreneurial solutions for climate and nature challenges, and support climate vulnerable communities.
The World Economic Forum’s Annual Meeting of the Global Future Councils welcomed over 400 attendees, with discussions and debates centred on the opportunities for future advancements and the numerous issues that continue to hamper economic growth and human development
