New York, N.Y., November 28, 2022—The United States Council for International Business (USCIB) sought an “Implementation Plus” approach in the outcomes of the recently concluded 27th Conference of the Parties (COP27) in Sharm El Sheikh, in which the international community would realize progress in advancing food and energy security alongside climate action and mobilization of resources.
As a dedicated representative of U.S. business in the UN Framework Convention on Climate Change (UNFCCC), USCIB understands and supports the urgency of tackling climate change, and was concerned that economic and geopolitical challenges could hamper or even prevent a successful outcome of this important meeting.
Despite those headwinds, government delegates were able to conclude with progress in key areas, such as loss and damage, the role of agriculture and the need to advance a just energy transition. However, we were disappointed by the absence of any meaningful reference to the actions taken by and the role of business in the Sharm El Sheikh outcomes.
Attending its 27th COP, USCIB noted an unprecedented showing by its members from every sector of the American economy, on hand to offer solutions and support a successful outcome. In addition, USCIB joined the global business community in speaking out for political will and ambitious action at COP27. Throughout the COP, USCIB welcomed the opportunity to cooperate with the International Chamber of Commerce (ICC), the International Organization of Employers (IOE) and the Major Economies Business Forum (BizMEF). We were especially proud to have the Federation of Egyptian Industries (FEI) join BizMEF.
USCIB attended COP27 looking forward to further encouragement and support for pro-active business action, building on pledges made last year by business at the Glasgow meeting.
Throughout COP27, the U.S. private sector demonstrated its actions to mobilize markets and investment in the areas of mitigation, adaptation and support for vulnerable countries and populations that face impacts of climate change. While initiatives, such as the Report of the High-Level Expert Group on the Net Zero Emissions Commitments of Non-State Entities (UN HLEG), will provide additional thoughts on how such efforts can be strengthened, further work is needed to analyze the fuller implications of the 40 recommendations to drive meaningful, practical progress. USCIB is concerned that overly prescriptive approaches to voluntary pledges and allegations of “greenwashing” could discourage and hamper further voluntary steps on climate action and finance.
Although COP27 left much still to be done to address the risks and impacts of climate change, USCIB looks to COP28 with resolve and renewed purpose. Without businesses of every sector participating in these vital deliberations, the international community will not be able to fully harness the drive, capability and commitment of business to advance the Paris Agreement.
Across the multilateral system, USCIB will continue to champion a confluence of common interests through practical and inclusive multilateralism. USCIB will forcefully and consistently make the case for catalyzing business knowhow, experience and partnership for innovation, as well as investment and job creation as we move ahead together to deliver on the promises of the UNFCCC and its Paris Agreement.
About USCIB: USCIB promotes open markets, competitiveness and innovation, sustainable development, and corporate responsibility, supported by international engagement and regulatory coherence. Its members include U.S.-based global companies and professional services firms from every sector of our economy, with operations in every region of the world. USCIB is the U.S. affiliate of the International Chamber of Commerce (ICC), the International Organization of Employers (IOE) and Business at OECD (BIAC). More at www.uscib.org.
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