UN climate sumit

Reading down the lengthy final agreement of the COP28 United Nations climate conference held in December 2023, you’ll go a long way before finding a strong, active verb. The lengthy recitation of climate impacts “notes with concern” and occasionally with “significant concern” glaring gaps in countries’ current policies. But while countries volunteered pledges to act, they were less keen to have those pledges framed as binding agreements in the final text. Reactions to COP28’s conclusion have been understandably mixed. Going into the talks, the world was more on track to avert catastrophic warming than it would have been without the 2015 Paris Agreement, but a long way from where it needs to be. Even if all the pledges made at COP28 are implemented, the world will still exceed the Paris goal of keeping global warming under 1.5 degrees Celsius (2.7 Fahrenheit) compared to preindustrial temperatures....

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...

Fossil fuels are the leading driver of climate change, yet they are still heavily subsidized by governments around the world. Although many countries have explicitly promised to reduce fossil fuel subsidies to combat climate change, this has proven difficult to accomplish. As a result, fossil fuels remain relatively inexpensive, and their use and greenhouse gas emissions continue to grow. I work in environmental and energy law and have studied the fossil fuel sector for years. Here’s how fossil fuel subsidies work and why they’re so stubborn. What is a subsidy? A subsidy is a financial benefit given by a government to an entity or industry. Some subsidies are relatively obvious, such as publicly funded crop insurance or research grants to help pharmaceutical companies develop new drugs. Others are less visible. A tariff on an imported product, for example, can subsidize domestic manufacturers of that product. More controversially, some would argue that when a gov...

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...

These days, it’s hard to escape news stories discussing how climate change is contributing to extreme weather disasters, including the recent U.S. hurricanes. Aid agencies are increasingly worried about the widespread damage. A growing question as these disasters worsen in a warming world is how to pay for recoveries, particularly in poorer countries that have contributed the least to climate change. I am a climate scientist who researches disasters, and I work with disaster managers on solutions to deal with the increasing risk of extreme events. The usual sources of disaster aid funding haven’t come close to meeting the need in hard-hit countries in recent years. So, groups are developing new ways to meet the need more effectively. In some cases, they are getting aid to countries before the damage occurs. Disaster aid funds aren’t meeting growing need Countries have a few ways that they typically send money and aid to other countries that need help when dis...