Editor’s Note: As the United Nations’ Summit of the Future approaches, world leaders are set to reconvene in New York to renew their commitment to the 2030 Agenda’s Sustainable Development Goals (SDGs). The Summit, slated for late September, comes at a critical juncture as the deadline for these ambitious global objectives draws nearer. Central to the discussions will be the adoption of three transformative documents: the Pact for the Future, a Global Digital Compact, and a Declaration on Future Generations. Among the most pressing issues on the table is climate change, with Action 53 of the Pact for the Future underscoring the role of international finance in driving environmental sustainability. However, recent shifts in the language of the Pact reveal the complexities of global negotiations, particularly in balancing stringent regulations with partnership-driven approaches.
The outcomes of this Summit, coupled with the concurrent efforts to establish a binding international treaty on plastic pollution, will significantly influence the trajectory of global environmental governance. As policymakers and business leaders grapple with these challenges, the decisions made in the coming months will shape the future of climate action and sustainability on a global scale. This article delves into the pivotal discussions and strategies that will define the Summit, offering insights into the potential pathways for achieving a more sustainable and resilient world.
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Industry News – Sustainable Development Beat
From Climate Finance to Plastic Pollution: Inside the UN’s Summit of the Future
ComplexDiscovery Staff
In late September, world leaders will convene in New York for the United Nations’ Summit of the Future, aiming to adopt updated commitments to the 2030 Agenda’s Sustainable Development Goals (SDGs). The summit will include the adoption of three pivotal documents: the Pact for the Future, a Global Digital Compact, and a Declaration on Future Generations. With the 2030 deadline approaching, the UN is proactively seeking ways to adapt and drive progress on these ambitious goals.
A key focus of the summit is addressing climate change, as originally outlined in the SDGs and the Paris Agreement. The Pact for the Future is at the core of these discussions, especially Action 53, which emphasizes international finance in relation to climate change. This includes leveraging multilateral development banks like the World Bank to ensure private-sector accountability for environmental sustainability. However, recent revisions have shifted the language from strict regulations to encouraging partnership-based approaches to climate action.
Action 53 initially proposed using sustainability reporting and climate-related risk disclosures to hold corporations accountable for environmental damage. It called for establishing accountability mechanisms, potentially modeled after the European Union’s Corporate Sustainability Due Diligence Directive. However, this language has been softened in the latest draft, reflecting ongoing international negotiations. As of now, the Pact is under a 72-hour review, during which countries can raise objections, making further revisions likely.
Meanwhile, the business community is closely monitoring these developments. Brian Deese, an adviser to Vice President Kamala Harris, has articulated an ambitious plan for the U.S. to position itself and its allies as key partners for developing countries in climate resilience. Deese’s proposal includes the establishment of a Clean Energy Finance Authority to support projects like battery manufacturing, carbon capture, and the construction of nuclear or geothermal power plants, primarily financed through market mechanisms.. He highlights the urgency for the U.S. to offer a robust alternative to China’s Belt and Road Initiative, which has been pivotal in financing technology exports to developing nations.
As President Biden’s Inflation Reduction Act (IRA) injects billions into American climate technology, Deese stresses the importance of accelerating global cleantech adoption. While the IRA supports U.S. companies in this endeavor, Deese argues for a comprehensive approach that involves Congress to ensure adequate funding and support for international projects. This aligns with the findings of a recent study published in the journal Science, which evaluated over 1,500 climate policies worldwide. The study concluded that policies are most effective when implemented in combination rather than isolation. For instance, the U.K. successfully reduced emissions by banning coal-fired power plants in conjunction with tax incentives.
Interestingly, the study found that successful climate strategies differ between developed and developing countries. In developed nations, carbon pricing policies were most effective, whereas regulatory measures yielded better results in developing countries. Nicolas Koch, a co-author of the study and an environmental economist at the Mercator Research Institute on Global Commons and Climate Change in Germany, emphasized the need for mixed policy approaches. He stated, “The commonality in those successful cases is where we see subsidies and regulations being combined with price-based policy instruments.”
The upcoming Summit also overlaps with the ongoing efforts to develop a legally binding international treaty on plastic pollution, expected to be finalized by December in Busan, South Korea. The treaty aims to tackle the full lifecycle of plastics, including production, design, and disposal. CEOs from major corporations like Unilever and SC Johnson have expressed strong support for the treaty, emphasizing the need for consistent global regulations to address plastic pollution effectively. Fisk Johnson, CEO of SC Johnson, highlights that the emerging web of plastic regulation in various parts of the world will add cost and complexity unless there are consistent rules.
Unilever’s CEO Hein Schumacher echoed the sentiment, highlighting the drawbacks of voluntary efforts and the necessity of mandatory regulations to achieve significant progress. He said, “The patchwork of regulation that we currently have is simply not working.” These business leaders, part of the Business Coalition for a Global Plastics Treaty, advocate for mandatory design rules and extended producer responsibility schemes to ensure sustainable plastic management.
As the world grapples with climate change and environmental sustainability, the decisions made at the Summit of the Future and the finalization of the plastics treaty will have far-reaching implications. With the U.S. showing a positive shift towards global climate and environmental policies, there is cautious optimism among business leaders and policymakers alike. As the months unfold, the global community will watch closely how these international efforts translate into tangible actions and results.
News Sources
- UN ‘Summit Of The Future’ Changes Course On Businesses’ Accountability For Climate Change
- How Kamala Harris could take U.S. climate tech global
- What Are the Best Policies for Reducing Carbon Emissions? A New Study Has Some Answers
- Global Plastics Treaty: Leading CEOs Call For Mandatory Rules
- 2024 Democratic platform emphasizes economic case for climate action
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Additional Reading
- From Code to Carbon: The IT Industry’s Sustainable Transformation
- ComplexDiscovery OÜ Green Computing, Carbon Neutrality, and Governance Policy
Source: ComplexDiscovery OÜ
