Hearts & Minds: COP-out or COP-in?

The forthcoming COP climate talks will see the CEOs of major corporations come under repeated questioning. Are you going? If not, why not?

It will be the standard refrain as we head into the Q3 results season and they make themselves available to the media. Already, we’ve been told that the chiefs of Deutsche Bank, BlackRock, Bank of America and Standard Chartered are not attending COP29 in Baku.

Some companies may decide to go, others may not. It’s their choice. In which case, how do you explain your non-attendance?

There are misgivings about the politics of the host. Azerbaijan is an authoritarian regime, but then so was last year’s, UAE and that did not stop brands from flocking to Dubai.

There may too be other reasons - King Charles, for instance, is missing COP as he continues his cancer treatment.

We’ve seen this herd instinct before. Look at how companies abandoned the CBI when it was hit by scandal in 2023. One goes, and the others follow.

This though concerns the warming planet. It’s a global issue and all countries and companies need to be working together to tackle it. Saying or implying you’re not going simply because you don’t like the organiser or because your peers are not bothering does not sit well.

It’s important reputation-wise, that you’re seen as your own person. Merely copying others does not sit well. You run the risk of not appearing to care.

You fully endorse the gathering and will abide by its outcome, but this time, with so much geo-political and economic uncertainty around you feel your shareholders, staff and stakeholders will be better served by you remaining behind. You wish COP well and you will be closely monitoring developments.

Off the record, you’ve got every confidence in your advisers and your various industry associations and their representatives, all of whom will be there, to handle any concerns.

That, of course, begs the question as to why you went last year but not now. First, you don’t need to answer it unless asked. Second, this is a year of major upheaval and uncertainty – what with numerous political elections around the world, not least in the US, and ongoing fighting and tension in the Middle East. The latter could widen at any moment and impact the markets – it may be far better to not go at all than to do so, and then have to beat a rapid exit.

Chris Blackhurst is one of the UK’s foremost business journalists. He was previously Editor of The Independent and City Editor of the Evening Standard.