Accountancy Ireland’s Post

BFBI Chair Susan Rossney writes on the risks to all of not acting rapidly on climate and nature as part of a global pact - “Worth noting is that the provision of financial support to developing countries for #ClimateAction serves both a moral and economic purpose for wealthier countries. The chaos caused by the #climate and #biodiversity crises to societies and economies is not limited to developing countries alone...”

Following the close of COP28, tomorrow afternoon, Gowling WLG will be discussing the key takeaways from the conference. Our international expert legal panel comprising of Thomas Timmins, Jonathan Brufal, and Ben Stansfield, moderated by Jennifer Laura King will discuss the impacts of COP28 for those operating in the Middle East, Canada, the UK and beyond. #cop28 #esg #esgstrategy #cop28uae

This year’s COP16 and COP29 yielded both breakthroughs and frustrations. Financing remains a key issue, but meaningful progress has been made across several important areas. In this article by Tom Strachan and Ryan Littlefield, we breakdown the main goals of these two conferences, the key takeaways from each, and what this all means for risk professionals. https://lnkd.in/eEHKKbkq #climaterisk #climatechange #sustainability #COP16 #COP29

This #EarthMonth2024 is the perfect time to reflect on the progress made at #COP28 and what we can expect at this year’s #COP29. I’m pleased to share a short conversation I had with my colleague Stanley E. Porter on some of the key takeaways from COP, including the commitments made to global equity and the importance of finance, nature, and the climate-health nexus. While there is global intent to advance a more sustainable future, the speed with which we collectively take action and implement solutions is critical: https://lnkd.in/gsMgQNpZ

"Despite the many positive developments that have come out of these forums [COP16, COP29], their failure to secure the financing that’s needed to drive significant change is creating problems – both now and into the future, making an orderly transition less and less likely. Ambitious environmental targets and strategies to mitigate and adapt to climate- and nature-related risks are hindered by a lack of funding commitments and actionable plans."

💰 Today, #UNFCCC published a drafted presidency text on the new collective quantified goal on #climatefinance (NCQG), one of the key negotiating points at #COP29 that earned it the name "Finance COP." So what do we get in the text? ✍ Highlights that the needs of developing countries are estimated at USD 5.1–6.8 trillion for up until 2030 or USD 455–584 billion per year and #adaptationfinance needs are estimated at USD 215–387 billion annually for up until 2030. That is a realistic research-based statement. ✍ Calls "all parties" to mobilize USD 1.3 trillion annually by 2035. Unfortunately, quite a soft message, somewhat vague about the high-level goal without clear responsibility, and leaning toward the lower estimate. That is obviously done to ensure the text is accepted more easily by creating a basis for next year's negotiations. Developing countries are also invited to make contributions. ✍ Decides to set a goal, with developed country Parties taking the lead, to USD 250 billion per year by 2035 for developing country Parties for climate action. That is already 2.5 times bigger than the current 100 B goal, so definitely can be considered a step forward. However, not a breakthrough. COP29 is approaching its end this Friday, so the outcome will soon be known! 👀

The Parties to the 2024 UN Climate Change Conference approved and adopted the COP29 Presidency’s Negotiations Agenda, centred on delivering sustainable solutions for emission reductions, to keep temperatures below 1.5°C. In his opening speech at COP29, the COP29 President, Mukhtar Babayev called for countries to submit 1.5°C aligned Nationally Determined Contributions (NDCs) to reduce emissions and submit National Adaptation Plans by 2025.   As COP29 leaders convene for day two, we call for an end to extractive practices that exploit both our environment and communities. Climate justice is more than cutting carbon emissions—it demands equity and the protection of human rights. It’s time we fully integrated human rights into climate policy. 🌍 #COP29 🇦🇿 #COP29Azerbaijan #ExtractivesUG

🌍 Exciting developments from COP29 Azerbaijan 🌏 Adopting Article 6 After 9 Years , A Game-Changer for Global Climate Action? 🌿After nearly a decade of intense negotiations, #COP29 has finally adopted Article 6 of the Paris Agreement. This landmark decision paves the way for a global carbon market, but is it the silver bullet we've been waiting for? 🤔My Key takeaways: 1️⃣ Article 6.2: Bilateral carbon credit trading (country to country trading) Countries can now trade carbon credits with clear guidelines on registry operations and environmental integrity 2️⃣ Article 6.4: Centralized carbon market. A UN-administered mechanism will facilitate new finance flows to developing nations, ensuring projects adhere to environmental and human rights protections 3️⃣Mandatory checks and an appeals process will safeguard against negative impacts on communities, including Indigenous Peoples 4️⃣ Implementation timeline would be 2+ years before full operationalization The Good: ✅ Potential $250 billion in savings for meeting climate targets ✅ Doubled ambition across countries ✅ Enhanced international collaboration My concerns: ❓ Loopholes in carbon market regulations ❓ Lack of rigorous scrutiny ❓ Concerns over greenwashing 🔥 Whats hopeful? While Article 6 is a step forward, it's not a silver bullet. The real game changers will be the companies that act NOW, regardless of perfect clarity on the rules. 💡 Unorthodox Advice for Companies: Don't wait for perfect clarity, we must all act now and gain a competitive edge (first movers advantage) 🎯 Focus on strategy over tactics by Reducing emissions while investing in external mitigation. 🟢 By starting small one can learn fast by partnering with initiatives like a carbon credit auction. 🚀 Those who lead in decarbonization will reap benefits in: 🔹 Supply chain resilience 🔹 Talent acquisition and retention 🔹 Customer satisfaction 🔹 Access to capital How are you planning to leverage Article 6 in your climate strategy? Share your thoughts below! 👇 United Nations COP29 Azerbaijan ********************************************** #ClimateAction #COP29 #Article6 #Sustainability #CarbonMarkets #cleanenergy #ClimateLeadership #sustainability #decarbonization #cleanenergy #energytransition #UN #climatechange #UNFCC #ESG #Carbonaccounting

Our #ERM colleagues Sabine Hoefnagel and James Stacey provide an excellent overview on the main take-aways from #COP29. #COP29 #ClimateAction #Suatainability #ClimateFinance

What COP29 means for business? Here are five key takeaways we summarised for business amid challenging negotiations.