Dawn Lippert, the CEO of Elemental Excelerator, recently shared her reflections on COP28, shedding light on the private sector’s crucial role in advancing climate solutions. In her post-COP debrief, she addresses the frequently asked question: “So, what is the real value of COP?” Lippert’s experience in Dubai revealed the dynamic interplay between government negotiations and the private sector’s innovative efforts, emphasising the need for accelerated action in the face of climate challenges.
Lippert, who has dedicated 15 years to working with the private sector on climate solutions, expressed surprise at the level of innovation and action within the private sector during COP28. While government negotiations took centre stage, private sector leaders, from top corporate figures to groundbreaking startup founders, were actively collaborating behind the scenes. Lippert highlighted the necessity of private sector involvement in achieving climate goals, especially considering that half of the required climate technologies are not yet widely available.
A notable development at COP28 was the increased participation of new technology companies, invited for the first time to showcase their solutions in two pavilions and a “startup village.” These innovative entrepreneurs presented solutions spanning water, energy, agriculture, industrial, and transportation sectors, demonstrating the potential impact of blending the right mix of people and capital.
Elemental Excelerator, the nonprofit climate technology investor led by Lippert, played a significant role in the private sector’s presence at COP. More than a dozen Elemental portfolio companies attended the event, showcasing the organisation’s commitment to pushing the boundaries of capital deployment. COP28, for Lippert, felt like an accelerant for deploying new mixes of capital, with multiple projects announced by Elemental portfolio companies.
Two standout projects announced at COP were Fervo, a clean energy startup that collaborated with Google to launch an advanced geothermal power project in Nevada, and Energy Dome, which secured a $65 million investment to store energy for up to 24 hours at a cost far below traditional batteries. Both projects exemplify the creative use of “blended capital,” incorporating private, philanthropic, corporate, and government funding.
Lippert emphasised the importance of countless conversations at COP, underscoring their impact in driving climate action. She recounted a CEO stating that a 45-minute discussion with an investor at COP was more valuable than a month of video calls. Such interactions, she believes, should translate into concrete actions and increased capital allocation in the near term.
Furthermore, Lippert stressed the need for the private sector to advocate for strong action from political leaders, particularly countering the influence of countries and companies tied to fossil fuels. She shared her participation in a coalition of over 2,000 major companies and institutions urging COP negotiators to prioritise a just and equitable phase-out of fossil fuels, coupled with efforts to scale up and shift public and private finance.
Lippert commended the Rockefeller Foundation for setting a powerful example by becoming the first major foundation to shift its $6 billion endowment to net zero by 2050. This move, she noted, serves as both a real and symbolic commitment, given the foundation’s historical ties to Standard Oil.
Lippert highlighted the real value of COP lying in what comes next. Quoting former U.N. climate chief Christiana Figueres, she emphasised that the true transformation lies beyond the words on paper and is evidenced by the collective impact of actions. While the private sector’s momentum may not dominate headlines, Lippert urged the acceleration of their profound impact in the ongoing fight against climate change.
To stay informed about the climate industry explore our latest climate news.
Featured Image: Credit: The Business Journals
