G&A's Sustainability Highlights ( 12.1.2024 )
NORTHAMPTON, MA / ACCESSWIRE / December 16, 2024 / The 2024 United Nations Climate Change Conference - better known as the 29th meeting of the Council of the Parties (COP29) - wrapped up on November 24 in Baku, Azerbaijan with a mixed bag of new climate agreements but limited progress on commitments to finance the global clean energy transition. Looming over the meeting was the election victory by former President Trump and his pledge to pull the U.S. out of the 2015 Paris Agreement climate treaty for the second time.
In our Top Stories in this issue, we have several articles on the developments that came out of COP29 and what they mean for efforts to reduce carbon emissions worldwide.
ESG Today reported on a breakthrough agreement on the first day of the meetings to establish standards for the creation of carbon credits under Article 6.4 of the Paris Agreement. According to the report, the agreement is "key for advancing the establishment and growth of a global carbon market" and will "establish a market-based system for carbon credits… and accredit third-party verification bodies."
Reuters reported on an agreement reached after two extra days of negotiations to adopt a global finance target of US$300 billion a year by 2035 to help developing nations cope with impacts of climate change. According to Reuters, the agreement was criticized by developing nations as falling "woefully insufficient" of what is needed. While the new target is three times higher than the previous target set in 2009 of $100 billion a year by 2020, Reuters noted, "that earlier goal was met two years late, in 2022" and that the new agreement includes a broader goal of raising $1.3 trillion a year by 2035, which is what "economists say matches the sum needed to address global warming."
Allen Schaeffer of Engine Technology Forum wrote that discussions at COP29 appear to have been dominated by the impending change in the U.S. administration and anticipated reversal of support for the Paris Agreement. He does take an optimistic view that despite the upcoming collision between global climate agreements and the Trump administration, he expects "leaders in advanced engines and fuels to keep innovating their existing products and exploring new technologies and fuels like advanced renewable biofuels electrification, or hydrogen… because they know customers demand it and market competition ensures it."
The mixed results coming from COP29 highlight the limitations faced by multi-national organizations such as the UN in forging the consensus needed to address global issues like climate change. Faced with these limitations, some countries are turning to the justice system. In another of our Top Stories, AP World News reported on a landmark case being heard about climate change at the International Court of Justice (ICJ), the top court of the UN based in The Hague, Netherlands. According to AP, the case is the largest ever taken up by the ICJ, with written comments from 62 nations and organizations. The case, which was sent by the court by the UN General Assembly, was brought by several small island nations hoping to hold major polluting nations to account. While any decision by the ICJ would be non-binding and would not directly force wealthy nations into action, AP notes that "it would be more than just a powerful symbol since it could be the basis for other legal actions, including domestic lawsuits."
Our team at G&A is continuing to monitor developments around the world that impact efforts by governments and businesses to combat climate change. We look forward to keeping you updated and are available to provide guidance on how these developments could affect your sustainability goals and targets. Email us at info@ga-institute.com.
This is just the introduction of G&A's Sustainability Highlights newsletter this week. Click here to view the full issue.
View additional multimedia and more ESG storytelling from Governance & Accountability Institute, Inc. on 3blmedia.com.
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SOURCE: Governance & Accountability Institute, Inc.
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