Corporate attendance at the United Nations climate talks is poised to decrease this year due to several adverse factors. Concerns range from logistical issues and potential political turmoil due to the U.S. presidential election to the less glamorous presentation of the current summit.
Usually, the conference’s ‘Blue Zone,’ the official negotiation site, is a status symbol for companies. They compete for access and spend vast amounts on parties, dinners, and accommodations. However, practical challenges are expected to deter such lavish involvement this year.
The circumstances surrounding the U.S. election create a sense of unpredictability that might discourage proactive corporate engagement. These companies are unsure of the policy changes that might come with a new administration, creating a reluctance to devote substantial resources to these talks.
While the current summit may not be as grand as previous or future ones, its significance cannot be overlooked.
Dwindling corporate presence at climate summit
Therefore, despite legitimate concerns, a complete corporate absence is unlikely. Businesses from the energy, finance, and technology sectors often attend these summits to exploit the emerging green market and potential alliances with officials.
Although the talks are limited due to logistical issues and participation is confined to around 40,000 attendees, corporates are expected to not readily give up their seats. This is especially true since these discussions offer good opportunities for companies to invest in sustainable practices and adapt their business models to conform to environmental guidelines.
Due to the timing of the U.S. election closely followed by the summit and the risk of their climate-related announcements being overpowered, companies are shifting focus to alternative platforms. These platforms, such as the New York City Climate Week and the U.N. Biodiversity Conference, offer a space dedicated to discussing environmental issues, away from the political chaos.
In addition, due to the global restrictions on in-person meetings caused by the COVID-19 pandemic, businesses are also using digital media platforms to ensure their messages are accurately delivered. This change of focus signals the immense significance companies attach to combatting climate change and promoting their environmental sustainability efforts. It indicates that companies understand that their role goes beyond profitability to include social responsibility towards environmental conservation and sustainability.
