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COP28 Business & Philanthropy Climate Forum unveils key Partners, uniting to drive global climate action
- COP28 Business & Philanthropy Climate Forum announces partnerships with Sustainable Markets Initiative (SMI), International Finance Corporation (IFC), Organisation for Economic Co-operation and Development (OECD), World Economic Forum, Asian Development Bank, Africa Finance Corporation, Bill & Melinda Gates Foundation and XPRIZE.
- Collaborating for the first time on the same platform, the Forum’s partners will represent a diverse range of regions and sectors, ensuring an inclusive global outlook.
- This coalition will coordinate strategies on how the private sector can help address the financing gap of over USD 3 trillion required annually to achieve net-zero emissions, support climate adaptation, reverse nature loss and restore biodiversity.
- Together, this coalition will advance the Forum’s mission to bridge the gap between ambition and action, fostering transformative and inclusive climate initiatives for a sustainable future.
ABU DHABI, UAE, Oct. 19, 2023 /PRNewswire/ — The inaugural COP28 Business & Philanthropy Climate Forum, hosted by the COP28 Presidency on 1 and 2 December 2023 in parallel with the world leaders World Climate Action Summit, has announced key partnerships with leading global organizations, joining forces to drive global climate and nature action.
The Forum will convene 500 business and philanthropy leaders alongside policymakers to accelerate solutions and drive bolder results. This first of a kind multi-stakeholder engagement strategy for climate and nature is driven by the UAE’s ambition to host an inclusive climate conference that marshals full and broad support with engagement from all regions of the world.
The Forum is proud to partner with major global delivery partners including Sustainable Markets Initiative (SMI), International Finance Corporation (IFC), Organisation for Economic Co-operation and Development – Network of Foundations Working for Development (OECD- NetFWD), World Economic Forum – Giving to Amplify Earth Action, Asian Development Bank, Africa Finance Corporation, Bill & Melinda Gates Foundation and XPRIZE. These global partners offer distinct expertise and resources to coordinate strategies for the private sector to help address the annual financing gap of over USD 3 trillion necessary for achieving net-zero emissions, reversing nature loss, and restoring biodiversity. This signifies a new era of collaborative climate action guided by the COP28 Action Agenda, which includes fast-tracking a just and orderly energy transition; fixing climate finance; putting nature, lives, and livelihoods at the heart of climate action; and underpinning everything with full inclusivity.
COP28 President Dr. Sultan Al Jaber said, “Businesses and philanthropists must play leading roles in meeting net zero pathways and delivering sustainable development, and through the Business & Philanthropy Climate Forum at COP28, they will have a platform to do so. The BPCF is a key part of our Presidency’s agenda to help deliver concrete outcomes from the private and philanthropic sectors. We are committed to hosting a fully inclusive COP, and it would be impossible to do this without the vital input of our business and philanthropy communities.”
COP28 Special Representative for Business & Philanthropy, Badr Jafar commented, “Working together to create a truly inclusive action platform, the Forum’s partners will be instrumental in collectively turning our aspirations into actionable outcomes for climate and nature. Their broad expertise, resources, and unwavering commitment is what is required to harness the true potential of both business and philanthropy, working alongside an enabling policy environment, to generate a multiplier effect on impact towards increasingly urgent climate and nature goals.”
Collaborating across the Forum’s transformative agenda, the Forum’s strategic partner Sustainable Markets Initiative (SMI) will help bring together global leaders to align industry, investment, and country roadmaps to showcase the progress achieved and chart the path for expediting and expanding these efforts.
Highlighting the importance of the Forum, SMI CEO, Jennifer Jordan-Saifi, added, “Building on the foundations of the SMI’s Terra Carta Action Forums this platform will ensure, for the first time, meaningful integration of the private sector into the official world leaders’ program at the UNFCCC COP. As we accelerate action to 2030, this Forum sets a bold new standard for future COPs with a commitment to monitoring and showcasing global private sector progress. This Forum will be the ‘must attend’ event at COP28.”
The Forum’s partnership with the International Finance Corporation (IFC), the private sector arm of the World Bank Group, underscores the development finance sector’s commitment to green investments. Makhtar Diop, IFC Managing Director stated, “IFC is the leading global development institution focused exclusively on the private sector. We create investable climate project pipelines and mobilize institutional capital at scale to accelerate a resilient and inclusive transition in emerging markets. We’re delighted to serve as a delivery partner in the Forum.”
Commenting on the partnership with the Organisation for Economic Co-operation and Development, which works with over 100 countries, Head of the OECD’s Networks, Partnerships and Gender Division, Bathylle Missika added, “The OECD is committed to raising international awareness around philanthropy’s contribution to climate adaptation and mitigation. That’s why we are honored to be named as a delivery partner of the COP28 Business & Philanthropy Climate Forum, where we will continue the work started at the New Global Financing Pact and position the collective voice of philanthropy.”
Since 1971, the World Economic Forum has been promoting and driving multi-stakeholder engagement across all sectors. Børge Brende, President of WEF commented, “The World Economic Forum launched its Giving to Amplify Earth Action (GAEA) initiative to turbocharge corporate and public action across climate and nature by bringing the catalytic tools of philanthropy into the conversation. We are honored to be an official delivery partner of COP28’s Business & Philanthropy Climate and look forward to working together to unlock ambition and action for people and planet”.
“The Asian Development Bank (ADB) is committed to enhancing collaboration between philanthropy, business and the public sector in order to enhance climate action across Asia and the Pacific,” said Woochong Um, Managing Director General of ADB. “We are excited about being a delivery partner to the COP28 Business and Philanthropy Climate Forum. Partnerships are critical for ADB to deliver on our USD 100 billion climate finance ambition by 2030.”
The African Finance Corporation emphasizes the importance of climate resilience across particularly vulnerable regions within the Global South. Samaila Zubairu, President & CEO of AFC, added, “Our collaboration must advance often-overlooked natural capital solutions emerging from Africa, which hold the key to sustainable, environmentally conscious development not only for our region, but also for progressing global efforts to net zero. This Forum is critical to galvanizing the urgent action needed if we are to transform our global economy in a way that ensures a balanced coexistence with nature, building a promising future for generations to come.”
The Bill & Melinda Gates Foundation stated that “the business and philanthropic community is uniquely positioned to catalyze innovation and find solutions to address climate change, including mitigation and adaptation. We believe that the COP28’s Business & Philanthropy Climate Forum will inspire and encourage bold action to overcome the climate challenges for the most vulnerable communities that are already feeling the impacts, especially smallholder farmers.”
XPRIZE, an established global leader in incentivizing crowd-sourced, scientifically viable solutions to humanity’s greatest challenges, injects the spirit of competition, inspiring breakthrough solutions that can reshape the climate narrative. XPRIZE CEO, Anousheh Ansari commented, “XPRIZE has long been dedicated to incentivizing the creation of innovative solutions to our climate challenges, and we’re excited to participate in this Forum to set bold new moonshots at a critical turning point for our planet. The Business and Philanthropy Climate Forum offers an incredible opportunity to discover new ways to collaborate, and XPRIZE looks forward to accelerating positive change together as we continue building a more equitable and abundant future for all.”
Together, these partners advance the Forum’s mission to bridge the gap between ambition and action, fostering transformative and inclusive climate initiatives for a sustainable future.
The Forum will be held across both the COP28 Blue Zone and Green Zone, at the beginning of the two-week COP28 program that runs from 30 November to 12 December. The two-week agenda for COP28 was developed in consultation with stakeholders from around the world in a six-week open consultation – the first such approach taken by a COP Presidency.
For interview requests and other media enquiries related to the COP28 Business & Philanthropy Climate Forum, please contact [email protected]
Notes to Editors COP28 UAE:
- COP28 UAE will take place at Expo City Dubai from November 30- December 12, 2023. The Conference is expected to convene over 70,000 participants, including heads of state, government officials, international industry leaders, private sector representatives, academics, experts, youth, and non-state actors.
- As mandated by the Paris Climate Agreement, COP28 UAE will deliver the first ever Global Stocktake – a comprehensive evaluation of progress against climate goals.
- The UAE will lead a process for all parties to agree upon a clear roadmap to accelerate progress through a pragmatic global energy transition and a “leave no one behind” approach to inclusive climate action.”
- The Business & Philanthropy Climate Forum is COP28’s private sector engagement platform to convene and engage business leaders and philanthropists from around the world.
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COPENHAGEN, Denmark, Nov. 25, 2024 /PRNewswire/ — Novo Holdings today announced that it has agreed to acquire the Norwegian fish genetics company Benchmark Genetics from Benchmark Holdings plc for an enterprise value of up to £260 million.
Headquartered in Bergen, Norway, Benchmark Genetics is a leader in salmonid genetics, providing eggs and other genetic services to both traditional and land-based farmers, operating across Norway, Iceland & Faroe Islands, Chile, and other major geographies.
The Company’s core genetics offering drives resource-efficiency in fish and shrimp farming by addressing key production challenges including growth rates, feed conversion and disease resistance. By combining its long-established breeding programs and the latest genomic tools, Benchmark Genetics help aquaculture producers increase quality, yield, health, and animal welfare.
The Company has customers in more than 50 countries and employs 270 people globally.
The transaction is aligned with the Novo Holdings Planetary Health Investment team’s strategic focus on aquaculture technology to drive growth, innovation, and sustainability, complementing the recent investment in Stingray Marine Solutions.
Aleks Engel, Partner, Planetary Health Investments, Novo Holdings, said: “We are very pleased to announce plans to acquire the Benchmark Genetics business from Benchmark Holdings. Both animal and plant genetics hold immense potential to transform the global food industry, enabling more efficient and sustainable ways to feed a growing population. In particular, advancements in aquaculture genetics, such as those in the salmon industry, present significant opportunities to improve productivity, resilience, and environmental outcomes.”
Johan Hueffer, Senior Partner, Principal Investments, Novo Holdings, added: “The investment in Benchmark Genetics provides us with increased exposure to the salmon industry, which benefits from highly attractive underlying dynamics. Further it represents an opportunity to support a leading animal genetics platform with global ambitions. Partnering with an experienced management team, we are confident in the company’s ability to drive meaningful advancements in this field. At Novo Holdings we are excited to leverage our industry experience and extensive network to help realise the company’s full potential and contribute to sustainable growth in the aquaculture sector.”
Trond Williksen, CEO of Benchmark, continued: “I am very pleased to have signed an agreement to sell our Genetics business to Novo Holdings. Benchmark Genetics is a leading aquaculture genetics business with great potential and Novo Holdings is an excellent owner to take the business forward.”
Geir Olav Melingen, Head of Benchmark Genetics, concluded: “I am very excited about the future of our business. We have a great opportunity ahead and look forward to continuing our journey with Novo Holdings bringing solutions to the aquaculture industry to improve productivity, resilience and sustainability.”
Transaction highlights
- Initial consideration of £230 million
- Additional contingent consideration of up to £30 million based on certain revenue thresholds
- Completion is expected during the first quarter of 2025 subject to shareholder approval and receipt of customary regulatory clearances
- Shareholders representing approximately 71% of the issued ordinary share capital of Benchmark have irrevocably agreed to vote in favour of the transaction
PJT Partners are acting as financial advisor to Novo Holdings. Latham & Watkins are acting as legal advisor to Novo Holdings.
About Benchmark
Benchmark is a leading aquaculture biotechnology company. Benchmark’s mission is to drive sustainability in aquaculture by delivering products and solutions in genetics, advanced nutrition and health which improve yield, growth and animal health and welfare.
Through a global footprint in 26 countries and a broad portfolio of products and solutions, Benchmark addresses many of the major aquaculture species in all the major aquaculture regions around the world.
About Novo Holdings A/S
Novo Holdings is a holding and investment company that is responsible for managing the assets and the wealth of the Novo Nordisk Foundation. The purpose of Novo Holdings is to improve people’s health and the sustainability of society and the planet by generating attractive long-term returns on the assets of the Novo Nordisk Foundation. Wholly owned by the Novo Nordisk Foundation, Novo Holdings is the controlling shareholder of Novo Nordisk A/S and Novonesis A/S (Novozymes A/S) and manages an investment portfolio with a long-term return perspective. In addition to managing a broad portfolio of equities, bonds, real estate, infrastructure and private equity assets, Novo Holdings is a world-leading life sciences investor. Through its Seed, Venture, Growth, Asia, Planetary Health and Principal Investments teams, Novo Holdings invests in life science companies at all stages of development. As of year-end 2023, Novo Holdings had total assets of EUR 149 billion. www.novoholdings.dk
About the Novo Nordisk Foundation
Established in Denmark in 1924, the Novo Nordisk Foundation is an enterprise foundation with philanthropic objectives. The vision of the Foundation is to improve people’s health and the sustainability of society and the planet. The Foundation’s mission is to progress research and innovation in the prevention and treatment of cardiometabolic and infectious diseases as well as to advance knowledge and solutions to support a green transformation of society.
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The World Economic Forum (WEF) has released a pivotal white paper in collaboration with the Financial Conduct Authority (FCA), titled “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”. This January 2024 publication underscores the urgent need for global cooperation as the financial sector transitions from a digital economy to a quantum economy, highlighting both the immense opportunities and cybersecurity challenges posed by quantum computing.
Quantum: A Double-Edged Sword for Finance
Quantum computing offers transformative benefits for the financial sector, such as accelerated portfolio optimization, enhanced fraud detection, and improved risk management. Yet, it simultaneously threatens the very foundation of cybersecurity. With quantum’s ability to break traditional encryption methods, sensitive data and financial transactions face significant risks. The white paper warns that such vulnerabilities could erode trust in the financial system and destabilize global markets.
The urgency to prepare is evident, with some quantum threats, such as “Harvest Now, Decrypt Later” attacks, already emerging. Governments and regulators, including the United States with its National Security Memorandum on Quantum (2022), have begun advocating for quantum security readiness by 2035. However, as noted in the paper, transitioning to a quantum-secure infrastructure is a monumental task requiring unprecedented coordination between regulators, industry leaders, and technology providers.
A Collaborative Framework: Four Guiding Principles
To address the complex challenges posed by quantum technologies, the WEF and FCA have proposed four guiding principles to inform global regulatory and industry approaches:
- Reuse and Repurpose: Leverage existing regulatory frameworks and tools to address quantum risks, rather than creating entirely new systems.
- Establish Non-Negotiables: Define baseline requirements for quantum security, ensuring consistency and interoperability across organizations and jurisdictions.
- Increase Transparency: Foster open communication between regulators and industry players to share best practices, strategies, and knowledge.
- Avoid Fragmentation: Prioritize global collaboration to harmonize regulatory efforts and avoid inconsistencies that could burden multinational organizations.
These principles aim to create a unified, forward-looking strategy that balances innovation with security.
A Four-Phase Roadmap for Quantum Security
The white paper introduces a phased roadmap to help the financial sector transition toward quantum security:
- Prepare: Raise awareness of quantum risks, assess cryptographic infrastructure, and build internal capabilities.
- Clarify: Formalize engagement between stakeholders, map current regulations, and model the cost and complexities of transitioning to quantum-safe systems.
- Guide: Address regulatory gaps, translate technical standards into actionable frameworks, and develop industry-wide best practices.
- Transition and Monitor: Implement cryptographic management modernization and adopt iterative, adaptable regulatory approaches to remain resilient in the quantum economy.
This roadmap emphasizes adaptability, encouraging stakeholders to continuously refine their strategies as quantum technologies evolve.
The Path Forward: Collaboration as a Catalyst
The transition to a quantum-secure financial sector is not merely a technological shift but a comprehensive rethinking of how industries and regulators approach cybersecurity. The interconnected nature of global finance means that collaboration between mature and emerging markets is crucial to avoid vulnerabilities that could undermine the entire system.
Regulators and financial institutions must act with urgency. As Sebastian Buckup, Head of Network and Partnerships at the World Economic Forum, notes in the report:
“The quantum economy era is fast approaching, and we need a global public-private approach to address the complexities it will introduce. We welcome this opportunity to collaborate with the FCA to chart the roadmap for a seamless and secure transition for the financial services sector.”
Similarly, Suman Ziaullah, Head of Technology, Resilience, and Cyber at the FCA, emphasizes:
“Quantum computing presents considerable opportunities but also threats. The financial sector relies heavily on encryption to protect sensitive information, the exposure of which could cause significant harm to consumers and markets. Addressing this requires a truly collaborative effort to transition to a quantum-secure future.”
Global Impact: Ensuring Resilience in an Evolving Landscape
As quantum technologies mature, they will redefine the landscape of cybersecurity. The financial sector, as one of the most sensitive and interconnected industries, must prioritize preparedness to ensure stability, protect consumers, and maintain trust.
The Quantum Security for the Financial Sector: Informing Global Regulatory Approaches white paper offers an essential foundation for continued dialogue and action. By adhering to the guiding principles and roadmap outlined in the report, stakeholders can navigate this transformation with foresight and cooperation.
The full report, published by the World Economic Forum, highlights the need for a unified global approach to quantum security, serving as a rallying call for industry and regulatory leaders alike.
Source: World Economic Forum, “Quantum Security for the Financial Sector: Informing Global Regulatory Approaches”, January 2024.
The post Quantum Security and the Financial Sector: Paving the Way for a Resilient Future appeared first on News, Events, Advertising Options.
Dubai expo spices up regional organic products industry
DUBAI, UAE, Nov. 25, 2024 /PRNewswire/ — The 22nd Middle East Organic and Natural Product Expo 2024, which concluded in Dubai on Wednesday (Nov 20), succeeded in registering tremendous growth in terms of exhibitor as well as visitor numbers.
The expo featured more than 550 exhibitors, an 80% surge from the past year, and attracted 15,200 trade visitors, a 25% rise when compared to the past show, strengthening its position as the region’s biggest and most comprehensive organic and natural products event.
“We are thrilled to announce the successful conclusion of the 22nd Middle East Organic and Natural Product Expo 2024. This year’s event witnessed a remarkable growth in both the number of exhibitors and visitors, reflecting the increasing interest and commitment towards organic living. The Expo has delivered on its promise, providing exceptional value to all stakeholders involved. We extend our heartfelt gratitude to all participants, partners, and visitors for their unwavering support and contribution to making this event a tremendous success. Together, we are fostering a healthier, more sustainable future,” said Shinu Pillai, Exhibition Director of the Middle East Organic and Natural Products Expo.
From lively exhibitor stands to informative conference sessions and several special sessions such as Organic Super Kitchen, Beauty Corner, Yoga Extravaganza, a special pavilion for tea and coffee, Fresh Produce Pavilion, and Superfoods Pavilions, the Expo offered a comprehensive platform for visitors to explore everything natural and organic, spanning food and drink, living, health, nutrition, beauty & cosmetics and beyond.
The Sri Lanka Export Development Board, which successfully organised the Sri Lankan Pavilion at the Expo, received enthusiastic response. “Given the rising global demand for natural and organic products, our participation in the Expo was incredibly timely. We received an overwhelmingly positive response at the Expo so much so that we are already planning our participation in the next edition of the Expo,” said Ms Vinoka Perera, Assistant Director, National Organic Control Unit, Sri Lanka Export Development Board.
The Expo also witnessed the global debut of Malaysia External Trade Development Corporation’s (MATRADE) Malaysia International Halal Showcase, titled MIHAS@Dubai. “With its very first edition, MIHAS@Dubai provided us with direct access to the thriving Halal and organics industry in the region. Our collaboration with Middle East Organic and Natural Product Expo helped us further expand our reach and impact,” said Datuk Seri Reezal Merican Naina Merican, Chairman, MATRADE.
“We are excited about the new opportunities arising from our collaboration with the Middle East Organic and Natural Product Expo. MIHAS debut in Dubai within the expo allowed us to enhance our presence in the region,” said Datuk Mohd Mustafa Abdul Aziz, CEO, MATRADE.
“The inclusion of the world’s largest Halal fair added a new and exciting dimension to the Expo, enriching the experience for all attendees. This collaboration underscored our commitment to promoting sustainable and ethical practices in the organic and Halal industries,” said P Ravi, Director, Global Links Exhibition Organizers & Conferences, which organizes the organics expo.
Some of the first-time participants were in awe of the Expo. “The event was a remarkable experience for us, especially as it marked our first participation in an international fair. We received a significant number of enquiries, which exceeded our expectations and opened up new business opportunities for us,” said Patnaree Royruangpanich, Co-Founder & CMO, S&P Bioenergy Co., Ltd, Thailand.
The Agricultural and Processed Food Products Export Development Authority (APEDA), the nodal agency for the promotion of agricultural and processed food products exports from India, showcased India’s inherent advantage and strength in natural and organic products as part of the Indian Pavilion at the Expo. “We successfully organized a buyer-seller meeting during the event, which was instrumental in bringing buyers and sellers together,” said Ms Vinita Sudhanshu, General Manager, APEDA.
The participation by Uganda was aimed at exploring opportunities for Ugandan agricultural producers and distributors. “Uganda’s organic sector has tremendous potential for growth, and the Middle East Organic and Natural Products Expo became a vital platform for promoting Ugandan organic products,” said Hon. Lt. Col (Rtd) Bright Rwamirama, Ugandan Minister of State for Animal Industry.
Following the grand success of the 22nd edition, the 23rd Middle East Organic and Natural Products Expo 2025 is all set to be held from November 17 to 19 at Dubai World Trade Centre.
More information available at https://organicandnatural.com/
Contact: Jennie Robin
Phone: +971 4 8747 528
Email: [email protected]
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