Geneva and Sharm El Sheikh, November 9, 2022 – The world’s leading companies detailed: COP27 Business Implementation Agendawas released today in a new report by the World Business Council for Sustainable Development (WBCSD) during a conference in Sharm el-Sheikh, Egypt.
The business of climate recovery: Accountability, ambition and accelerating action Outline the most promising platforms of ambition and action for your business. It also sets out a menu of concrete interventions to accelerate the global decarbonization of business, involving close cooperation between business leadership and governments to:
- sharpen accountability
- increase ambitionand
- deliver action with speed and scale
Taken together, these business interventions can fundamentally advance the international climate change agenda over the next five years. This report hopes to provide a practical response to the COP27 Presidency's challenge to move the climate change agenda away from commitments and toward the implementation of large-scale projects.
This report explores how leading companies are raising ambition levels, scaling up systems change actions, and, most importantly, moving beyond mere commitments and targets to comprehensively demonstrate corporate progress on climate change. We propose proposals and policy ideas for building a climate change responsibility system. Achieve the net zero target and materialize the contribution of business in delivering Nationally Determined Contributions (NDCs).
accountability
sharpen your business accountabilitythree priorities were identified that could be initiated during COP27 and fully developed towards COP28.
- Establish the integrity of corporate carbon responsibility systems. This includes fostering clear and vocal business support for the ISSB prototype, which is being developed to become a mandatory global baseline for climate reporting.
- Establish a strong foundation for carbon accounting systems by upgrading greenhouse gas protocols and developing scope 3 emissions methodologies and data exchange protocols.
- Develop a global corporate carbon accounting aggregation mechanism to link corporate data to national emissions reduction progress reports
ambition
to raise ambition, Five practical areas of action have emerged as key priorities among WBCSD members, including collaboration with policy makers.
- Force more companies to set credible emissions reduction targets and hold them accountable for their progress
- Partner with business to advance your NDC goals
- Promote partnerships with businesses to introduce carbon pricing
- Accelerating a fair and inclusive net-zero transition across key business and industry sectors
- Unlocking the potential of complete natural climate solutions (NCS)
action
To deliver action now, Towards impact by 2025, WBCSD and its members are implementing a series of focused interventions to scale up progress in key economic systems (energy, industry, built environment, mobility, food, agriculture and capital markets). was identified. The main new areas of initiative are as follows.
- Develop transition paths and investment plans with national oil companies
- Develop guidance and methodologies for emissions reduction to accelerate business solution innovation
WBCSD and its member companies will work with the COP27 Presidency and all stakeholders and business leaders around the world to advance ambition, action and accountability to accelerate the decarbonization of business to the level dictated by climate science. I'm looking forward to doing that.
Many more discussions will take place during COP27 and in the weeks and months that follow, and the proposals highlighted here will no doubt move forward.
To this end, WBCSD is pleased that the Secretary-General of the United Arab Emirates officially opened COP28. WBCSD welcomes UAE to host 2023 Board meeting during COP28from Friday, November 3, to Sunday, November 5, 2023.
By way of context, this study is based on the concept of corporate accounting aggregation mechanisms (framed as corporate-determined contributions); Business manifesto for climate recovery WBCSD introduced it at COP26. Since then, WBCSD has engaged in a series of multi-stakeholder dialogues with member companies, UN platforms and other organizations, academia and civil society to further explore and develop this idea. moreover, Stockholm action plan The report presented at Stockholm +50 further expands the concept and design of a corporate accounting aggregation framework for climate change initiatives, by aggregating corporate accounts over time and reducing natural loss, pollution and inequality. It could also be extended to provide transparency on the progress of projects in their efforts to address them.
For a comprehensive daily program of WBCSD's presence at COP27, please visit See the COP27 program.
