News
UN Adds New Disclosure Requirements For Upcoming COP28, Acknowledging the Toll of Corporate Lobbying
Watchdog groups call the change a “baby step” toward reform, while UN chief Antonio Guterres says climate action must start with the fossil fuel industry, “the polluted heart of the climate crisis.”
By Bob Berwyn
The final, overtime hours of the COP27 global climate talks in Egypt last year were marked by breathless huddles and cajoling in side rooms and lounges as fatigued negotiators tried to finalize a loss and damage deal and decide whether to mention a fossil fuel phase-out in the final conference documents.
Related Knowledge Center: Climate economics
State of Play
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”