Few success stories came out of this year’s COP. Nevertheless, we’ve compiled COP29’s five (very modest) achievements and five of its most notable failures.
On November 12, 2024, the Hague Appeals Court overturned a landmark 2021 decision ordering oil giant Shell to reduce its greenhouse gas emissions 45% from 2019 levels by 2030.
On October 17, 2024, Ontario’s Court of Appeal sided with a group of young climate activists in its Mathur v Ontario decision, reviving a case against the province which was previously dismissed in April 2023.
On October 9, 2024, the Canadian government announced that it will establish a “Made-in-Canada” sustainable investing taxonomy, and institute mandatory climate disclosure requirements for large, federally-incorporated private companies.
In its recent report One Year On: BlackRock still addicted to fossil fuels, French sustainable finance organization Reclaim Finance details how American financial giant BlackRock’s public declaration to make sustainability its new investing standard has, one year later, yielded only “half-hearted” and “superficial” results.
As part of the settlement, the fund will “ensure that investment managers take active steps to consider, measure and manage financial risks posed by climate change and other relevant ESG risks…[and disclose] to members...those risks, as well as the systems, policies and procedures...to address those risks.” The fund will also commit to achieving a net zero carbon footprint by 2050.
