Zeno Thinks: COP Concludes

This morning, as the sun rose for the final time on COP28 in Dubai, a ‘historic’ decision was made. A summit characterised by drama and plot twists concluded with a surprise last minute agreement to transition away from all fossil fuels to reach net zero emissions globally by 2050. COP President Sultan Al-Jaber delivered the agreement with no objections from the negotiating teams representing nearly 200 nations.

Meanwhile Zeno London was temperature-checking UK public opinion on the summit’s impact. In partnership with Pulse, our survey highlights broad consumer scepticism around the success of COP28, with a widespread expectation that governments and businesses should bear the brunt of the difficult decisions required in addressing the climate crisis. The polling shows:

• Public Frustration: 84% of respondents do not believe COP28 has been a success in tackling the climate crisis.  
• Time to scrap COP? 42% of respondents think it is time to scrap the summit altogether and look at other alternatives.
• Corporate Action: Just 20% of respondents believe individuals are the primary drivers of change. Instead, they expect institutions and businesses to make the hard decisions on climate change.

This is a marked change in attitude from when we carried out the same survey on the eve of COP28. At that stage 55% were optimistic that the summit had the potential to tackle the climate crisis. Quite an about-turn.

Here are three key takeaways from the last 24 hours of COP28.

A ‘Landmark’ Agreement Delivered?

Following a tense 24 hours when the initial draft was dismissed as an embarrassing failure, the new agreement text now commits to: “Transitioning away from fossil fuels in energy systems, in a just, orderly and equitable manner, accelerating action in this critical decade, so as to achieve net zero by 2050 in keeping with the science.”

COP 28 President Sultan al-Jaber thanked participating countries at the ‘landmark’ COP, saying; “We have language on fossil fuels in our final agreement for the first time ever.”

Some are less impressed by today’s commitments in Dubai, with former US Vice President Al Gore believing that the agreement is “the bare minimum”, and that it still contains “half measures and loopholes” that support the fossil fuel industry.

Climate Finance Concerns

The move on fossil fuels has been broadly welcomed by NGOs including Greenpeace, who have said that it sends a “signal that the fossil fuel industry has been afraid of”. However, they and others point to the financial challenges likely to be experienced by developing nations as they seek to transition away from fossil fuels to a greener energy mix.

Vulnerable nations have been quick to criticise the lack of a clear pathway to their own energy transition. With the move from fossil fuels relying heavily on the adoption of renewable technologies and investment in new energy systems; developing and island nations are seeking more financial support to assist their journey to NetZero.

COP28: Greenwashing and lobbying

From the outset, the summit has been plagued by criticism regarding the number of energy companies in attendance, with many critics speculating that the conference was part UN summit, part new-biz networking opportunity.

Throughout this year’s climate talks, executives have plainly outnumbered government officials. Deals on nuclear power, natural gas, renewables and pharmaceutical supply chain have been signed, with some onlookers describing the blue and green zones of COP28 as a hotspot for high-level access and deal-making.  This has led to a 32.4% negative sentiment across social media, with influencers, journalists and activists pointing out examples of greenwashing and hypocrisy at the summit.

Looking ahead

During a busy geo-political and media period, it is fair to say COP28 didn’t set the world alight. What it did show – backed up by our research - is an expectation for businesses to step up and deliver meaningful change. It is now more important than ever for businesses to showcase the innovations and moves they are making to reduce their energy footprint. Inactivity is no longer an option.