Good COP, Bad COP – The Role of Philanthropy at COP28

By Eric St.Pierre, CEO of PFC member the Trottier Family Foundation

The 28^th edition of COP hosted a record of nearly 100,000 participants in the United Arab Emirates, in the world’s sixth largest petrol state, and wrapped up last week with mixed results.

One of the positive outcomes from COP28 was the creation of the world’s first Loss and Damages Fund, with $700 million pledged so far to help the countries most vulnerable to the effects of the climate crisis. A good start for climate justice, but this funding represents only 0.2% of the funding needed to truly help these countries adapt and respond to the impacts of the climate crisis – a crisis they are the least responsible for and the most impacted by.

Additionally, for the first time, countries finally named the dreaded F word: “fossil fuels.” It was the first agreement or Global Stocktake with consensus to “transition away from fossil fuels”. This is a positive development, although many experts are only cautiously optimistic since the agreement includes significant loopholes and fails to actually “phase out” fossil fuels which is what we need to do to ensure a safe and livable climate. As Minister Benoit Charette said at the Beyond Oil & Gas Alliance (BOGA) press conference in Dubai: “I don’t like hearing about phasing down, it’s not enough, phasing out is what we need to reach.”

Other good news at COP28 included a pledge for tripling renewable energy production and doubling energy efficiency, as well as methane regulations, in which industry joined hundreds of countries to reduce methane emissions by 2030. These are solid climate solutions.

Role of philanthropy at COP:

So why would a philanthropic foundation attend a COP? And why join a COP where a record number of oil and gas lobbyists and billionaires are flying in via private jets to participate in a so-called festival for climate junkies, not to mention one being hosted by the CEO of a massive UAE oil company? Should we have just boycotted it?

We don’t think so. There is a legitimate role for business and philanthropy in addressing climate solutions. While COP negotiations are conducted by negotiators representing nation states, the increasing presence of subnational governments (for example, Quebec’s presence with BOGA) is key, as is the role of cities, the financial sector, and the business and philanthropic communities. Climate solutions require all hands on deck, and with the presence of fossil fuel lobbyists trying to slow down the climate transition, we badly needed civil society and allies to be there.

The Trottier Foundation’s many partners were present at COP28 to call out Canadian climate delayers. We were there with our “emissions caps”- baseball caps to show support for Canada’s announcement of an oil and gas emissions cap framework. It was great to see hundreds of Canadians proudly wearing their emissions caps to show their support and send a message to the world – the Washington Post even dubbed it COP28’s hottest new fashion trend!

Beyond fashion stunts to demonstrate support for Canada’s new emissions cap framework, COP is also an excellent venue to fast-track climate deals and develop new initiatives.

For example, after attending a civil society gathering with Quebec’s Minister of the Environment and Fight Against Climate Change about BOGA, our foundation started planning a new initiative on expanding BOGA membership to new Canadian provinces.

Second, we promoted climate finance by hosting a panel with Senator Rosa Galvez, Ben Caldecott and Catherine McKenna on how Canada can become a leader in this space. Our foundation also partnered with a large financial institution on a new initiative that will be announced soon.

Third, we participated in COP’s first ever Health and Climate Day. We are the first funder attempting to decarbonize Canada’s healthcare system and we joined other global funders and stakeholders in promoting the intersection of climate change and human health. Momentum is picking up!

Fourth, we collaborated with other funders and networks like Bloomberg, the Open Society Foundation, C40 Cities, ClimateWorks, WINGS and the Canadian Philanthropy Commitment on Climate Change. The global philanthropic community is stepping up and playing its role in advancing climate solutions.

Additionally, the Trottier Foundation was funding the bulk of Canadian ENGOs attending COP, and it was inspiring to see the dedication and hard work of these climate leaders, especially from women and Indigenous folks. As a funder, being able to network with Canadian government workers, elected officials, civil society leaders, academics, financial experts, and international leaders was energizing and fruitful.

We came back from COP28 with new proactive initiatives that will undoubtably accelerate climate solutions, inspired by new ideas and with a larger network, and ready to tackle our climate challenges collectively. For those ready to roll up their sleeves, we can confidently say that being an active participant in COP is a great way of driving climate solutions.