Recent developments have seen scrutiny make headlines with regard to this year’s COP climate summit. In the future, the UN believes, officials from the oil, gas, and coal industries will have to reveal their connections to those industries. Employees of fossil fuel firms have had access to climate summits for years without having to disclose their affiliation with their employers. Over 600 business representatives from the fossil fuel industry attended the COP27 conference in Egypt in 2022, which was more than the number of representatives from any one nation. According to activists, the UN decision is the first step in reducing the power of polluters. The new regulations will be in effect for the COP28 conference in Dubai, United Arab Emirates, one of the largest oil producers in the world, in November. Sultan Al Jaber, the head of the UAE energy business, will preside over the summit, which has infuriated some environmentalists.[i]
Rachel Rose Jackson from Corporate Accountability said, "As long as UN climate talks have existed, the fossil fuel industry lobbyists have been flooding these talks seeking a seat at the table where the rules of climate action are written,". "It's actually no small thing that for the first time ever, all participants will have to be honest to the world about who they are."[ii]
Recently, corporate scrutiny has become a key subject for legislators. Last month, the European Parliament announced its intention to outlaw environmental claims regarding carbon neutrality that are dependent on carbon offsetting programmes. For sustainability and marketing teams, particularly their public-facing strategy to reaching "net zero," this has had reverberating effects. The global crackdown on "greenwashing" is driving firms to review their labelling and external communications, which is why legislators and consumer watchdogs like the Advertising Standards Authority (ASA) are giving such claims closer scrutiny.[iii]
According to a recent IEA research, spending on fossil fuels is significantly being outpaced by investments in clean energy technology as concerns about affordability and security brought on by the current global energy crisis increase support for greener solutions. According to the IEA's most recent World Energy Investment report, approximately USD 2.8 trillion is anticipated to be invested globally in energy in 2023, of which more than USD 1.7 trillion is anticipated to go to clean technologies, including renewables, electric vehicles, nuclear power, grids, storage, low-emissions fuels, efficiency improvements, and heat pumps. The remainder, or just over $1 trillion, will be used for coal, gas, and oil.[iv] Some concern has been voiced over a disparity between clean energy investment in developed economies compared to developing ones, with more than 90% of investment going to developed economies and China, whose energy program is giving analysts hope for an imminent peak in emissions.
“Clean energy is moving fast – faster than many people realise. This is clear in the investment trends, where clean technologies are pulling away from fossil fuels,” “For every dollar invested in fossil fuels, about 1.7 dollars are now going into clean energy. Five years ago, this ratio was one-to-one. One shining example is investment in solar, which is set to overtake the amount of investment going into oil production for the first time.” said IEA Executive Director Fatih Birol.[v]
The European Union is focused on achieving net zero and is developing strategies to speed up investment in carbon capture and storage. The Commission claimed that constraints such as high development costs for storage locations were slowing infrastructure from absorbing and storing CO2 underground or using it in industries. The Commission announced that it will create an EU policy to support the sector, which may include 2040 and 2050 CO2 storage infrastructure targets as well as EU-wide standards and access to carbon capture equipment. Programmes for carbon capture and storage (CCS) are still in their infancy in the EU and have a troubled background in nations like Germany, where states have resisted previous attempts to begin programmes.[vi] The EU is not alone in its endeavour to increase the rollout of carbon capture technologies. The U.S. Department of Energy (DOE) announced $251 million to fund 12 chosen projects in seven states that are aimed to improve the country's carbon management capabilities as part of President Biden's investment policy in the green economy in America. These initiatives, supported by President Biden's bipartisan infrastructure plan, would increase the infrastructure for the transportation and storage of carbon dioxide (CO2) in an effort to judiciously lower carbon emissions from the production of electricity and other industrial processes. In order to support the ongoing development of infrastructure for commercial-scale carbon storage, the DOE announced the opening of a second, five-year financing opportunity worth $2.25 billion. To increase economic opportunities and contribute to the United States' objective of having a net-zero emissions economy by 2050, commercial carbon transport and storage are being expanded.[vii]
The ‘Big One’, a climate protest led by extinction rebellion, descended on London at the end of April. Following the 2019 climate strike, it was the UK's largest coordinated environmental demonstration, with more than 60,000 participants over four days. The Big One is the first large event since XR UK made the decision to stop employing disruptive methods and put "attendance over arrest" and "relationships over roadblocks" first. The Big One was centred on two demands. First and foremost, the government must suspend all funding (and issuing new permits) for fossil fuel projects, signalling the end of the era of fossil fuels. The second is the creation of emergency citizens' assemblies to promote just, long-term solutions to what they call the nation's most pressing issues.[viii] Despite the numerical success of the big one, no practical impact was made. This lack of impact is perhaps what has emboldened other groups that focus on disruption. Particularly, sporting events have seen a great number of climate protests, from snooker to rugby. There is no empirical link yet, but ZCA analysts have seen a decided increase in the number of sporting bodies attempting to increase their climate credentials.
Given that the IPCC estimates that between 3.3 and 3.6 billion people are already severely vulnerable to climate change, adaptation measures that will protect those who are most at risk are urgently needed. Understanding the effects of climate change and building resilience can lead to a variety of possibilities, from better investment planning and infrastructure to improved community well-being, according to CDP, a non-profit that manages the global disclosure system for investors, companies, cities, states, and regions to manage their environmental impacts. In the UK, local governments are demonstrating their commitment to climate adaptation. A climate adaptation strategy is in place at 77% of the local authorities in the UK that gave information to CDP in 2022, and 97% of them are putting it into practice.[ix] Respondents provided information about the challenges and effects of climate change in their local communities as part of the work CDP is doing with local authorities in the UK. The statistics showed that of the top five hurdles, three are socioeconomic in nature, with the elderly, marginalised/minority communities, children and youth, and vulnerable health groups being disproportionately affected.[x] Cross-sector collaboration at the municipal level is crucial to bringing about the kind of change we need to see in order to prevent environmental catastrophe since the private sector shapes and finances cities. When city-business engagement is in the pre-procurement stage, the City-Business Climate Alliance (CBCA) operates in a non-commercial setting. Due to the ability to work together on developing, debating, and providing advice on strategies and policies, corporations and cities argue that this fosters innovation and increases ambition for hastened climate action. Due to the financial clout of the corporate sector and the public engagement initiatives of the governmental sector, it is a powerful tool for directing needed cash to the places that need it most. Such a combination would improve the inclusivity of climate adaptation.[xi]
[i] BBC- Climate change: UN to unmask fossil fuel lobbyists at climate talks
[ii] Ibid
[iii] Forbes- Carbon Neutral Claims Under Investigation In Greenwashing Probe
[v] Ibid
[vi] Reuters- EU plans strategy to scale up investment in capturing CO2 emissions
[ix] CDP- Cities at risk: dealing with the pressures of climate change
[x] CDP- Building local resilience: Climate adaptation in UK local authorities
[xi] CBCA- A step-by-step guide for developing successful collaborations
Oscar is a recent graduate with a background in earth science. He is currently studying an MSc focussing on disaster responses, emergency planning and community resilience. His postgraduate research project will assess the link between climate crisis risk perception and attitudes to green energy projects. “Adapting to the climate crisis through the pursuit of net zero requires community engagement and understanding. Zero Carbon Academy’s goals closely align with this approach and I’m excited to have the opportunity to research and communicate a variety of topics relating to our environment and sustainability”.
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