Global regulators need to join hands on climate finance rules: COP28 special representative
climate finance and spending to prevent 'greenwashing' and 'greenhushing', COP28 special representative for business & philanthropy Badr Jafar told ET in an interview.
«We do not have standardised models for net zero targets.
And, also, we don't have a fit-for-purpose regulatory environment to monitor the trajectories and journeys of these various institutions,» Jafar said, noting that companies at present were creating their own standards.
He said the trust gap could emerge if companies create their own standards, and even those that are doing work in the field get maligned because of the actions of a few.
Greenwashing refers to making misleading claims about the environmental benefits of a product or service, whereas greenhushing is when companies suppress their green credentials to avoid scrutiny.
He argued that businesses must be central to the COP agenda and not left on the sidelines.
«COP process is often seen as a political process, ultimately about countries coming together to negotiate outcomes. And the business community has traditionally been on the peripheries of this process,» Jafar said.
He added that there was a need to involve the private sector, including philanthropy, to accomplish climate goals. «One of the major reasons why the COP process hasn't been successful in implementation is because business has not been properly engaged in the process,» Jafar said.
