Monday, 18 September 2024.
While global geopolitical risk increases, dividing attention with natural concerns such as climate adaptation and actions, another United Nations General Assembly (UNGA) started last 10 September in New York, United States.
Part of that 79th session of the UNGA, and ahead of the political debate, happened the Summit of the Future. In that summit, most countries voted to adopt the so-called “Pact for the Future”, a 56 pages pledge - “a new beginning in multilateralism” - to face challenges that lie ahead for humanity, potential threats.
Available in several languages, you can access it by clicking at the image below. Or here for the draft in English.
Except maybe for the artificial intelligence and nuclear weapons perspectives - a tense future - it is another document reinforcing actions already proposed, such as:
“transitioning away from fossil fuels in energy systems”
“enhanced efforts towards halting and reversing deforestation and forest degradation by 2030, and other terrestrial and marine ecosystems acting as sinks and reservoirs of greenhouse gases and by conserving biodiversity, while ensuring social and environmental safeguards”
“accelerating zero- and low-emission technologies, including, inter alia, renewables, nuclear, abatement and removal technologies such as carbon capture and utilization and storage… and low-carbon hydrogen production”
It also brings new promises to keep an eye on, such as “reaffirm our resolve to set” at COP-29 in Azerbaijan “a new collective quantified goal from a floor of US$ 100 billion per year, taking into account the needs and priorities of developing countries”.
“Follow the money” is a phrase we hear every now and then. Among others, as it is an important indication of risk.
Recent study 2024 Global Risk Survey (part 1) by PGIM, a global asset management business of Prudential Financial, indicates that large institutional investors are considering their number one risk as geopolitical. So much that the title of the survey is “Resilient Investing Amid Geopolitical Uncertainty”.
Climate risk is in the 6th position, only ahead of liquidity and currency risk.
The Middle East is the region more concerned with climate risk, with 33% of their investors indicating it, while United States is on the other extreme, with 12%.
Focusing on large global institutional investors, note that neither Latin America nor Africa were part of the survey, as you can assess by clicking here.
Concurring with UNGA’s meetings, after the 10-12 September Berlin Innovate4Climate Week, New York will also host from 24-26 September IETA's North America Climate Summit 2024, an important gathering of carbon market practitioners from across North America and beyond. We will comment on these events in the coming days.
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