COP28: Backsliding, net-zero transition charter and climate change adaptation

COP28 is fast approaching, hoping to be “a milestone moment when the world will take stock of its progress on the Paris Agreement”. It seems that “taking stock” might actually be “attempting to stop the backsliding”, given the recent moves by Sunak, Biden, etc.

Amina Mohammed, deputy secretary general at the UN, told the Guardian newspaper that the UN was “absolutely” concerned about backsliding on climate commitments because “there is a lot of it”. She said: “We have to call that out and it has to reverse itself. There is a lot of it. And this is what brings more mistrust into the room – that suddenly the goalposts may be changing.”

Politicians often have different messages for domestic audiences than when they are on the international stage, so there may be some positive messages coming out of COP28 despite the recent apparent ‘anti-green’ agenda of the UK’s Prime Minister, for example.

But here are positive noises coming from COP28 already. The COP28 presidency has just launched the Net-Zero Transition Charter: Accountability mobilization for the private sector, aimed at encouraging the private sector to take bolder action on climate and commit to greater transparency and integrity in their net-zero emissions pledges.

All signatories will commit to a series of actions, including making net-zero and interim targets with an existing, high-integrity body; producing a credible net-zero transition plan; reporting annual progress and committing to robust validations processes.

By joining the Net-Zero Transition Charter, all organisations will commit to:

• Publicly set 1.5°C aligned, science-based, credible, and transparent Net-Zero 2050 and interim emissions’ reduction targets.
• Do this either through: A net-zero aligned national pledge or an internationally recognized net-zero initiative, that holds members to account for their net-zero pledges, or individually following a commensurate scope and level of ambition with public, third-party validation of their pledge through a generally accepted science-based review process. Those who have already made pledges as outlined above do not need to re-commit.
• Produce a credible net-zero transition plan, within one year of COP28.
• Publicly report annual Greenhouse gas (GHG) emissions and progress on their net-zero commitment and transition plan, including through high-quality platforms that feed into the United Nations Framework Convention Climate Change (UNFCCC) Global Climate Action Portal.

But it is not just about net-zero transition, and reducing GHG emissions. The UN Office for Disaster Risk Reduction (UNDRR) is calling on parties and stakeholders at COP28 to commit to #ZeroClimateDisasters “because we have the power to stop disasters – everyone should have a future where they are not threatened by disasters. We seek to ramp up global efforts to tackle vulnerability and exposure to climate risks, with a focus on countries and communities on the frontlines of the climate emergency,” said UNDRR.

It added: “We need a dual acceleration to reach #ZeroClimateDisasters: stop the creation of new risks by rapidly reducing emissions and, at the same time, accelerate action on climate change adaptation and disaster risk reduction.”

In other words, we need to look to avert the impending crisis by moving towards net zero in the next few decades, but at the same time, the impact of the climate crisis is already here and needs to be dealt with today. The signs are pretty obvious to anyone: record temperatures, extreme heat, flooding, wildfires, drought, increasing frequency and severity of storms.

And climate change adaptation and disaster risk reduction is where risk managers have a crucial role to play in their organisations. And insurers, reinsurers, loss adjusters and brokers all have the experience and expertise to help their clients and the wider community.