COP28: Peter Bakker

Why collaboration is essential in financing the energy transition

"The private sector should absolutely integrate climate-related risk and opportunities in every management process that they run. In the risk assessment on how bad can situations become and in the opportunity scanning what can we do to actually make the transition happen?"

Peter Bakker, President of the World Business Council for Sustainable Development, underlines why corporate strategy and collaboration go hand-in-hand in the fight for climate solutions. With the exponential growth in wind energy, solar energy, batteries and electric vehicles increase in markets around the world, now is the perfect opportunity for joint efforts and collaborative financing in order to phase out fossil fuels.

But in addition to business collaboration, a full phasing out of fossil fuels can only be guaranteed if clear policies are decided on and implemented quickly with clear guidelines and standards for all industries to ensure genuine accountability within the private sector.