United Nations

As the world parses what was achieved at the U.N. climate change conference in Egypt, negotiators are convening in Montreal to set goals for curbing Earth’s other crisis: loss of living species. Starting on Dec. 7, 2022, 196 nations that have ratified the U.N. Convention on Biological Diversity will hold their 15th Conference of the Parties, or COP15. The convention, which was adopted at the 1992 Earth Summit in Rio de Janeiro, is designed to promote sustainable development by protecting biodiversity – the variety of life on Earth, from genes up to entire ecosystems. Today, experts widely agree that biodiversity is at risk. Because of human activities – especially overhunting, overfishing and altering land – species are disappearing from the planet at 50 to 100 times the historic rate. The United Nations calls this decline a “nature crisis.” This meeting was originally scheduled to take place in Kunming, China, in 2020 but was rescheduled be...

The world could still, theoretically, meet its goal of keeping global warming under 1.5 degrees Celsius, a level many scientists consider a dangerous threshold. Realistically, that’s unlikely to happen. Part of the problem was evident at COP27, the United Nations climate conference in Egypt. While nations’ climate negotiators were successfully fighting to “keep 1.5 alive” as the global goal in the official agreement, reached Nov. 20, 2022, some of their countries were negotiating new fossil fuel deals, driven in part by the global energy crisis. Any expansion of fossil fuels – the primary driver of climate change – makes keeping warming under 1.5 C (2.7 Fahrenheit) compared to pre-industrial times much harder. Attempts at the climate talks to get all countries to agree to phase out coal, oil, natural gas and all fossil fuel subsidies failed. And countries have done little to strengthen their commitments to cut greenhouse gas emissions in the...

Carbon offsets have become big business as more companies make promises to protect the climate but can’t meet the goals on their own. When a company buys carbon offsets, it pays a project elsewhere to reduce greenhouse gas emissions on its behalf – by planting trees, for example, or generating renewable energy. The idea is that reducing greenhouse gas emissions anywhere pays off for the global climate. But not all offsets have the same value. There is growing skepticism about many of the offsets sold on voluntary carbon markets. In contrast to compliance markets, where companies buy and sell a limited number of allowances that are issued by regulators, these voluntary carbon markets have few rules that can be enforced consistently. Investigations have found that many voluntary offset projects, forest management projects in particular, have done little to benefit the climate despite their claims. I specialize in sustainable finance and corporate governance. My collea...

Carbon offsets have become big business as more companies make promises to protect the climate but can’t meet the goals on their own. When a company buys carbon offsets, it pays a project elsewhere to reduce greenhouse gas emissions on its behalf – by planting trees, for example, or generating renewable energy. The idea is that reducing greenhouse gas emissions anywhere pays off for the global climate. But not all offsets have the same value. There is growing skepticism about many of the offsets sold on voluntary carbon markets. In contrast to compliance markets, where companies buy and sell a limited number of allowances that are issued by regulators, these voluntary carbon markets have few rules that can be enforced consistently. Investigations have found that many voluntary offset projects, forest management projects in particular, have done little to benefit the climate despite their claims. I specialize in sustainable finance and corporate governance. My collea...