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COP24 - Urgency increases for positive outcomes as Australia's backing of coal sparks anger
The second week of the Twenty-Fourth Conference of the Parties (COP24) to the United Nations Framework Convention on Climate Change has brought about a new sense of urgency that something positive be achieved at the talks.
Taking place in the heavily coal-dependent city of Katowice in Poland, the goal of the event is to put into action the promises of the 2015 Paris Accord.
Here is a round up of the events of the second week:
Aussie backing for US brings opposition
Protesters made their voices heard at an event involving Australia's minister for the environment, Patrick Suckling. His government was the only one to appear at the session hosted by the United States aimed at promoting the use of fossil fuels. The protesters chanted “shame on you" at the discussion during the “US innovative technologies spur economic dynamism" event. Donald Trump's energy advisor Wells Griffith warned against what he termed “alarmism" around climate change.
Urgency for outcomes
In a bid to ensure that the conference came to a positive conclusion, UN secretary-general Antonio Guterres told key figures that a failure to change and ramp up efforts to tackle the problem of climate change would be “not only immoral but suicidal" for planet earth - sparking suggestions that not enough is being done behind the scenes at the talks.
The background to the events surround the contested way in which the Paris goals are implemented. Compliance and monitoring of individual nations are key topics after climate researchers at the UN Intergovernmental Panel on Climate Change (IPCC)released a new report on climate change in October, illustrating that most of the countries of the world are falling short of their carbon emissions-cutting pledges.
There was some positivity to emerge from the talks. Following fresh warnings, the EU and a group of developing countries said they would increase their commitments to reduce greenhouse gas emissions.
Following fresh warnings, the EU and a group of developing countries said they would increase their commitments to reduce greenhouse gas emissions.
The pay blame game
Some wealthy nations are resisting the need to contribute to their commitments and all countries are debating how best to mobilise funding. It is estimated that richer countries are coming up about $20 billion short of the 2020 target. President Donald Trump maintained at the G20 that the US will be withdrawing from the Paris Accord in 2020 but, for now, representatives from the US federal government are participating in COP24 and other international climate change events.
While the UN wants China to take a stronger role on tackling the problems, Chinese representatives sought to push rich countries to pay more for reducing greenhouse gas emissions and help other countries do the same. Xie Zhenhua, who leads the Chinese delegation, told the press that some wealthy countries had not paid their debts and urged them to do so.
While the UN wants China to take a stronger role on tackling the problems, Chinese representatives sought to push rich countries to pay more for reducing greenhouse gas emissions and help other countries do the same.
Building a sustainable future
The events of this week and next are of major interest to us in Lombard Odier as they will affect one of our central pursuits - how sustainability will drive returns in the next three to five years and beyond. We believe that our current operating model is unsustainable and a global shift towards sustainability is already transforming our economies and the companies that drive them. What happens in Poland will help shape our future and we and our clients are watching closely.
Important information
This document is issued by Bank Lombard Odier & Co Ltd or an entity of the Group (hereinafter “Lombard Odier”). It is not intended for distribution, publication, or use in any jurisdiction where such distribution, publication, or use would be unlawful, nor is it aimed at any person or entity to whom it would be unlawful to address such a document. This document was not prepared by the Financial Research Department of Lombard Odier.
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