Corporate Sustainability

The Glasgow Climate Pact, adopted by almost 200 countries after two intense weeks of negotiations, will not radically alter the global landscape on climate change. It does provide significant advances, however. For starters, it recognizes the global climate emergency, citing recent IPCC findings. It expresses “alarm and utmost concern that human activities have caused around 1.1°C of global warming to date and that impacts are already being felt in every region.” Parties also recognize that the impacts of climate change will be much lower at a 1.5°C rise than two °C, and resolved to pursue efforts to keep to 1.5°C. The Pact significantly ramps up the call for more fantastic action and financing for adaptation. It urges developed countries to at least double their collective climate finance for adaptation in developing countries from 2019 levels by 2025 to balance adaptation and mitigation. It calls on multilateral development banks, other financial institutions, and the private sector to enhance finance mobilization to deliver the scale of resources needed to achieve climate plans.