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COP 25 fails in its ambitions
Comments from Offsetters and NatureBank CEO, Phil Cull, on the disappointing outcomes of COP 25.
In an unsurprising but disappointing finale to COP 25 in Madrid, the major decisions concerning market mechanisms were kicked to COP 26 in Glasgow. In the context that surrounds these negotiations: mass rallies, school strikes, investor pressure and so on – it seems that politicians are getting farther from the people rather than closer. An illuminating quote from the executive director of Greenpeace, Jennifer Morgan, “In the 25 years that I have been at every COP, I have never seen the gap bigger between the inside and the outside.” This was billed as an "ambition COP" by the host nation, Chile, but has spectacularly failed to be one. If we are to believe the IPCC (and, as the largest scientific collaboration in history, we should) we have 10 years to make significant progress on emissions cuts. A year delay at this point is incredibly irresponsible.
From the perspective of NatureBank (and other market participants) it is important to get clarity around these market mechanisms as a matter of urgency. We have clients, partners and investors that are keen to deploy capital in this space. We are seeing activity from large corporates as their investors become more concerned and institutional money is beginning to take this sector seriously again. However, the very worst thing for encouraging investment is uncertainty. We must make progress and we need to make it on a timeline that represents the enormity of the crisis. That being said, the demands that Brazil and Australia are making (to be able to both sell reductions related to increased biomass sequestration and count those reductions in their inventory) are so clearly absurd that they cannot be a negotiating position but are an attempt to stall and undermine the negotiations by right-wing-populist governments. This has worked at COP 25, but must not be allowed to work at COP 26.
Phil Cull
CEO
NatureBank, Offsetters
Original link: https://www.linkedin.com/pulse/cop-25-fails-its-ambitions-phil-cull/
Comments from Offsetters and NatureBank CEO, Phil Cull, on the disappointing outcomes of COP 25.
In an unsurprising but disappointing finale to COP 25 in Madrid, the major decisions concerning market mechanisms were kicked to COP 26 in Glasgow. In the context that surrounds these negotiations: mass rallies, school strikes, investor pressure and so on – it seems that politicians are getting farther from the people rather than closer. An illuminating quote from the executive director of Greenpeace, Jennifer Morgan, “In the 25 years that I have been at every COP, I have never seen the gap bigger between the inside and the outside.” This was billed as an "ambition COP" by the host nation, Chile, but has spectacularly failed to be one. If we are to believe the IPCC (and, as the largest scientific collaboration in history, we should) we have 10 years to make significant progress on emissions cuts. A year delay at this point is incredibly irresponsible.
From the perspective of NatureBank (and other market participants) it is important to get clarity around these market mechanisms as a matter of urgency. We have clients, partners and investors that are keen to deploy capital in this space. We are seeing activity from large corporates as their investors become more concerned and institutional money is beginning to take this sector seriously again. However, the very worst thing for encouraging investment is uncertainty. We must make progress and we need to make it on a timeline that represents the enormity of the crisis. That being said, the demands that Brazil and Australia are making (to be able to both sell reductions related to increased biomass sequestration and count those reductions in their inventory) are so clearly absurd that they cannot be a negotiating position but are an attempt to stall and undermine the negotiations by right-wing-populist governments. This has worked at COP 25, but must not be allowed to work at COP 26.
Phil Cull
CEO
NatureBank, Offsetters -
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