What does COP28 mean for business in Ireland?

Success or failure, what does COP28 mean for business in Ireland?

Irrespective of the progress achieved by international talks, the world will move on from fossil fuels. 2024 is the year for business leaders to meet the climate expectations of customers, investors and regulators.

So what does COP28 mean for business in Ireland? It means that the “north star” (a phrase Sultan al-Jaber adopted at COP) of the Paris Agreement remains bright. Scientists, politicians and economists all agree that we have to do all we can to keep global warming to the safer limit of 1.5°C above pre-industrial temperatures.

For all the talk at the global level, whether or not we reduce emissions comes down to each of us and what we do. The outcome from COP28 makes it clear that fossil fuels will no longer be the dominant source of energy. We know from the recent energy crisis that reliance on imported and expensive fossil fuels does not make sense for the Irish economy. So all business leaders need to be proponents of, and advocates for, renewable energy – visibly, vocally and as investors and purchasers.

Smart businesses are already responding as they read the signs from multinational clients who are demanding evidence of sustainability credentials from scope 1 (inside your premises), 2 (from your energy suppliers) and 3 (in your wider supply chain) emissions to workers’ rights in bids for contracts. Winning work without evidence of how your business is transforming to be sustainable will soon be impossible. 

Read the full article on The Currency website

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Tara Shine

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