Thought leaders, global decision-makers and policymakers will be convening in Dubai in late-November for the UN Climate Change Conference, or COP28, to assess and address the state of global affairs on the climate agenda.

In this episode of the EY Sustainability Matters podcast, host Bruno Sarda is joined in person by Amy Brachio, EY Global Vice Chair for Sustainability, and Matt Bell, EY Global Climate Change and Sustainability Services Leader. They explore COP28 and the importance of the first-ever Global Stocktake - a checkpoint discussion on the progress made since the Paris Agreement adoption in 2015.

With just seven years left to cut emissions by half and limit global warming by 1.5 degrees Celsius, the world has reached a pivotal moment in the fight against climate change. Amy and Matt share their views on the possible learnings from the Global Stocktake, as well as on the business and government perspective of COP28, and why it is so vital for those stakeholders to be represented there.

With a record number of people - 90,000 - set to attend the summit, the podcast looks at the progress since last year's COP. It also explains why, in these tumultuous times with one global crisis following another, more voices outside of governments must be part of the dialogue on climate change. The guests end on a hopeful note agreeing that the upcoming COP28 is likely to bring more positive outcomes and cross-sector collaborations.

Key takeaways include:

• COP28 includes the first Global Stocktake to assess progress to address and adapt to climate change on a country-by-country level.
• The dialogue and collaboration between government and business across sectors are vital for meaningful progress.
• Recent extremes in climate have created more urgency for the transition to a low-carbon economy.
• New reporting standards are driving greater transparency and accountability.
• Global tensions, economic uncertainty and political landscapes impact progress, but businesses are still driving climate action through net-zero commitments.
• EY and other businesses attending COP28 are looking to have an authentic impact and play a role in driving meaningful action.

© 2023 Ernst & Young LLP