Simmons & Simmons’ Post

At #COP29, significant strides were made toward a sustainable future, with wealthier nations committing to contribute US$300 billion annually for climate action in developing countries. As CPAs, we have a vital role to play in this journey. Two key takeaways for our profession stood out: 1- The introduction of new international carbon market standards to enhance the quality of carbon credits and foster trust. 2- Canada and the U.S. joining the Reducing Methane from Organic Waste Declaration—a big step toward a more sustainable future. Discover how these developments impact CPAs and how we can lead in sustainability reporting and assurance. Check out CPA Ontario’s Sustainability Simplified insights: https://lnkd.in/dKjXct6m Together, let’s embrace our role in shaping a greener, more sustainable world. #Sustainability #CPAs #ClimateAction #SustainabilityReporting

Let’s quickly recap the last 6 weeks and its major governmental environmental sustainability conferences. First there was the UN Biodiversity Summit in Cali, Columbia between 21-Oct and 02-Nov-2024 (COP16). In my personal view, COP16 revealed some progress on conservation but also major financial challenges. The summit ended before parties could reach an agreement how to finance conservation at the scale needed. Then there was the UN Climate Change Conference in Baku, Azerbaijan between 11-Nov and 22-Nov-2024 (COP29). Here I saw a similar picture in the end: A climate finance deal that does not meet the need of developing countries. Last, but not least, INC5 - the fifth session of the Intergovernmental Negotiating Committee on a Plastics Treaty - in Busan, Republic of Korea (25-Nov to 01-Dec-2024). Negotiations were deferred to a next session as consensus failed. With political negotiations facing major challenges it seems important to me that companies, businesses and industries are willing and able to step up and to continue. Thus, I‘m very much looking forward to the #ESGSummit as part of the #EuropeanSustainabilityWeek next week in Bonn, Germany. Hosted by EUPD Research ESG, we‘ll discuss and explore latest trends and challenges in environmental, social and governance issues across many different industries and sectors. Let‘s align. https://lnkd.in/emPq6T7S

At #COP29 last week, there was an eleventh-hour deal for wealthier countries to contribute US$300 billion yearly to support developing countries with climate action and adaptation. For CPAs, there were two key takeaways from this year’s conference: 1. New international carbon market standards to improve the quality of carbon credits and foster trust. 2. Canada and the United States are signatories to the new Reducing Methane from Organic Waste Declaration. Learn more about what CPAs need to know from #COP29, and how CPAs can take the lead in sustainability reporting and assurance at Sustainability Simplified: https://lnkd.in/eMWAdz5r

1.5 years after the adoption of the #GlobalBiodiversityFramework at COP15 in Montreal, what progress has been made? What is the upcoming #COP16 of the Convention on Biological Diversity set to achieve? And how can companies contribute to its success? Join us tomorrow, Friday 31 May, 11-12am CEST, for a webinar hosted by the EU Environment and Climate Business & Biodiversity Platform looking at the "Road to COP16: Backing up EU business and finance commitments with actions". GIST Impact CEO Pavan Sukhdev will be speaking about the critical role of business engagement to the success of COP16's theme of "Peace with Nature", alongside Anita de Horde (Finance for Biodiversity), Michael Ofosuhene-Wise (Business for Nature), and Hugo Schally, Adviser for International Environmental Negotiations for the European Commission, who will be providing insights on the recent discussions in Nairobi around the GBF's implementation. 👉 REGISTER here to participate: https://lnkd.in/eZCJVV68 We hope to see you there! #biodiversity #NowforNature #COP16 #PartofthePlan #impact #sustainability

🐆 Paz con la Naturaleza 🐆 After an incredible few days in Cali for #COP16 as part of the Principles for Responsible Investment delegation, it’s time to head home. Since COP15, the financial sector’s awareness and understanding of biodiversity has surged, reflected in the multitude of events and discussions here. Now comes the sticking point: how can we turn this awareness into meaningful action at the scale required? A recurring message I heard was the call for policy and regulatory clarity to give markets the certainty they need to move forward. To what extent will COP16 deliver? As negotiations continue, we’ll soon see what emerges in the days ahead. #BiodiversityFinance

📍COP16 - Cali, Colombia This week, our delegates went to COP16 to take part in various events and sessions relating to the intersection of business and nature. These were against the backdrop of vital negotiations on halting and reversing biodiversity loss. Benjamin Matthews, a senior manager in our sustainability team, took us along to share his experience at COP16. During his day he attended events on unlocking nature positive finance, and sessions run by the Taskforce on Nature-related Financial Disclosures (TNFD). These conversations are key to addressing the impacts our clients are having on nature as well as the potential financial implications of nature-related risks and opportunities. Find out more about how we are supporting our clients in the comments.🌱 #COP16 #Sustainability #Biodiversity

Although it's not yet made many headlines, the international community's Biodiversity Conference (usually called a "COP" of some number, with this one being COP16) continues in Colombia this week. Still less famous than the equivalent climate change COPs, one of the aims of this COP is to consider progress since the plan to "halt and reverse biodiversity loss" by 2030 was hatched in 2022. Closely watching the COP negotiations, in combination with our presence as part of the delegation to the warm-up event - the world's first Global Nature Positive Summit in Sydney earlier this month - sends a signal to the market about what it's entitled to expect from an environment lawyer in 2024. We'll leave it to others to summarise the "key takeaways" and repeat the slogans and ambitions of other participants. Our interest in the COP and the Summit lies in making sure the legal advice we're giving on a day-to-day basis is calibrated with global progress. It got me thinking: surely the shelf-life of an environment lawyer is limited now if she or he can’t advise on: - ESG risks; - mandatory climate reporting; - the duty to disclose impacts on natural capital; - renewables projects and the pathway to decarbonisation and net zero; - the market in Australian Carbon Credit Units (ACCUs); and - the significance of the incoming nature repair market, all at the same time as giving good old-fashioned environment and planning advice? Bringing it all together requires a bit more vision than standing for nothing or worse, relying on legal mandatory minimums as an analogue for incisive advice. Sceptics outside the tent will always find fault with COPs and associated events like the Summit, whether for their own purposes or the purposes of others. But we’re not going to kowtow to the kind of dated goldilocks mentality that says a global target like "30 by 30" (the goal of protecting and conserving 30% of Australia’s landmass and 30% of Australia’s marine areas by 2030) is too hot or too cold. The world’s most sophisticated private capital is already outpacing some governments in prioritising sustainable investment, so lawyers who want to stay relevant can’t be trailing behind even if lawmakers sometimes are. As we saw at the Summit, the medium is the message, so it’s worth working out how and what your lawyers actually think. 

DON'T MISS OUT: There's still time to join our discussion tomorrow on the key outcomes from #COP16 and what they will mean for business In this webinar, IEMA's Policy and Engagement Lead on #Biodiversity and #NaturalCapital Lesley Wilson talks with Will Lockhart OBE, Department for Environment, Food and Rural Affairs's chief negotiator at #COP16, Robert Spencer, global lead on #sustainability strategy at AECOM, and IEMA's CEO Sarah Mukherjee MBE All three panel members will bring their reflections and thoughts on the future of #biodiversity following the UN conference, focusing on: -> Key outcomes from COP16 -> Progress of the Global Biodiversity Framework and national strategy and action plans -> Why COP16 is relevant to business and links to the climate #COP29 -> How business can be part of reducing business risk and enhancing nature -> What happens after COP16 has finished? Book now: https://bit.ly/4iLAoDs

Didn't make it to #COP29 - but sending a nice technical contribution from Rome! 🌍 FAO’s New Report - Options for addressing the risk of non-permanence for land-based mitigation in carbon crediting programmes 🌲 Non-permanence has become a key consideration as countries intensify commitments to reduce emissions. For forest-based mitigation to be reliable, carbon storage must remain stable and resilient over the long term to avoid undermining mitigation goals. This paper offers actionable strategies for carbon crediting programmes to manage reversal risks. 👉 Read the full story https://lnkd.in/ddWw-qJp 👉 Download the publication https://lnkd.in/dMdWF8B5 Developed with SEI — Stockholm Environment Institute and Öko-Institut e.V.. under FAO’s #AIM4Forests #ClimateAction #ForestMitigation #Sustainability #CarbonPermanence #AIM4Forests #COP29 #COP29Azerbaijan

𝗕𝗶𝗴 𝘀𝘁𝗿𝗶𝗱𝗲𝘀 𝗮𝗵𝗲𝗮𝗱 𝗼𝗳 #𝗖𝗢𝗣𝟮𝟵 💡   Today, on #InternationalClimateActionDay, we’re celebrating big strides ahead of #COP29 and the progress being made in shaping a stronger global carbon market. Following Pre-COP discussions in Baku, a major agreement has been secured to bring a new UN carbon crediting mechanism to life under the Paris Agreement. The Article 6.4 Supervisory Board, the group driving the creation of the UN carbon market, has finalised two key standards that will guide how carbon removals are handled and how projects are assessed for participation in the UN-supervised market. Key highlights include: 📌 𝗔𝗹𝗶𝗴𝗻𝗺𝗲𝗻𝘁 𝘄𝗶𝘁𝗵 𝗣𝗮𝗿𝗶𝘀 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁 𝘁𝗮𝗿𝗴𝗲𝘁𝘀: Project baselines will now be fine-tuned to reflect the ambition of limiting global temperature rise, ensuring carbon credits are truly driving global climate action. 📌 𝗦𝘁𝗿𝗶𝗰𝘁𝗲𝗿 𝗮𝗱𝗱𝗶𝘁𝗶𝗼𝗻𝗮𝗹𝗶𝘁𝘆 𝘁𝗲𝘀𝘁𝘀: New rules raise the standard by excluding projects that may result in prolonged high emissions, ensuring that only those with genuine, measurable environmental benefits get recognised. 📌 𝗦𝘁𝗿𝗼𝗻𝗴𝗲𝗿 𝗿𝗶𝘀𝗸 𝗺𝗮𝗻𝗮𝗴𝗲𝗺𝗲𝗻𝘁: A buffer pool strategy has been put in place to handle risks like carbon loss from wildfires, strengthening the resilience and reliability of carbon removals in the market. 📌 𝗕𝗿𝗼𝗮𝗱𝗲𝗿 𝗯𝗲𝗻𝗲𝗳𝗶𝘁𝘀: Beyond reducing carbon, projects will now be required to deliver wider impacts, including boosting biodiversity and supporting community well-being. We see these updates as critical to building trust in the carbon market. As businesses leverage carbon credits more actively to meet their net-zero targets, these stronger standards will help cut through #greenwashing and ensure only genuine climate action is rewarded. With GoodZero, we believe this will drive companies to take deeper, more meaningful steps to reduce emissions and make sustainability a core part of their operations. → Read more: gdze.ro/pre-cop     #CarbonMarket #Offsetting #GoodZero #RacetoZero