As the dust settles on #COP28UAE, never before has there been such a clear signal that the carbon-intensive supply chains of industrial forestry and fossil fuels have no place in today’s climate-constrained world.
It’s natural to have mixed emotions about the outcomes and intentions of this year’s climate summit.
But, whilst the final text is loose - and lacking - in rigour, I feel heartened that it not only calls for a historic transition away from fossil fuels, but also recognizes the necessity to halt and reverse #deforestation and forest degradation by 2030.
Keeping #Forests standing remains the fastest, cheapest, and most effective way to stabilize our climate. Forest conservation and restoration is critical to limit warming to 1.5°C.
Regardless of how historic this COP text may or may not be, we’ve shown over the past 27 COP’s that nature will not automatically be conserved nor will supply chains shift away from the destruction of forests and exploitation of fossil fuels. These systemic shifts require significant interventions - strong market demand for low-carbon materials, the accelerated deployment of large-scale financing, robust public policy. All are integral to 1.5°C.
And yet, $7 Trillion in subsidies and investments are still deployed into carbon-intensive sectors that harm nature every year - 30 times the amount spent on nature-based solutions. And the weak mention of phasing out fossil fuel subsidies in COP28’s final text, with no mention of timeline, risks this lopsided equation rising even higher.
To flip this 30:1 ratio and achieve the goals of COP28, we need more clarity on:
1. How countries will halt and reverse deforestation and forest degradation by 2030 – what policies will they develop to cut market access for high-carbon products and incentivize low-impact alternatives
2. How we will scale the capital required to move business from intention to action, and scale nature-positive and climate-compatible businesses and supply chains
Fortunately, there are incredible opportunities for investors to move capital to scale low-carbon, low-footprint sustainable alternatives, otherwise known as Next Gen solutions. There’s a strong pipeline of game-changing solutions that are ready to scale. Market demand is strong and growing.
Next Gen solutions are low-impact materials such as agri-residue and textile waste that can be used instead of climate-critical forests in supply chains. Scaled production of Next Gen will alleviate the pressure off vital ecosystems, keep temperatures in check, and sustain conservation economies where communities take the lead in deciding how to manage their land and resources.
Now is the time for accelerated #ClimateInvestment and large-scale #ForestProtection to achieve the #ParisAgreement - and planetary stability.
Join us.
#UniteActDeliver | #ImpactInvestment | #CircularEconomy | #GreenFinance | #NextGenNow | #SupplyChains | #NatureBasedSolutions
Amazing! Great commitment! 💚