There is unprecedented, international support to address climate change. The Paris Agreement – a global and legally binding agreement to reduce greenhouse gas emissions to limit global warming to well below 2oC - has gathered sufficient momentum to enter into force in less than a year. The Sustainable Development Goals provide clear 2030 goals on a range of environmental and social issues – including goal 13 which is an explicit requirement to combat climate change. And recently, the international community reached two more milestone agreements, one on limiting international carbon emissions from aviation, and one on reducing HFCs – one of the more potent greenhouse gases. The challenge is now twofold: to ensure business, governments and civil society work together to deliver on the existing commitments, and to start working towards ratcheting up ambition ahead of the first review period in 2018.
The Climate Project of the World Economic Forum will use its global platform and convening power to help spur greater and faster action. In doing so, it will bolster efforts by stakeholders to address policy challenges, shift the investment landscape, and develop new business models and technologies.
A major focal point of the project is COP24 in 2018 which is the first review period of the Paris Agreement and an opportunity to ratchet up the level of ambition outlined in countries' commitments (known as Nationally Determined Contributions – NDCs). Accelerated action will support this increase in ambition and the project will work with stakeholders in a number of targeted areas including carbon pricing, renewable energy, energy efficiency, green finance, low carbon and climate resilient infrastructure, and low carbon mobility – across all of these it will be vital to utilise the growing opportunities provided by the fourth industrial revolution. In these areas, the World Economic Forum Climate project will identify and enable a select few initiatives that will deliver impact in the lead up to 2018.
These priority areas will continue to be set by a group of leading companies who came together in 2015 to form the CEO Climate Leaders group - an informal network of 79 CEOs leading the way in the transformations required to meet the commitments of the Paris Agreement and related SDGs. This CEO Climate Leaders Group – which is intended to grow - will be a key force for driving the private sector's contribution to this transformative agenda, alongside the multi-stakeholder Friends of Climate Action network facilitated by the World Economic Forum.
The goal of the Climate Project is to accelerate the implementation of the Paris Agreement and related 2030 sustainable development agenda.