Report:
Simon Stiell, the Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), delivered a speech at the 28th Conference of the Parties (COP28) of the UNFCCC, which was chaired by the United Arab Emirates. Stiell emphasized the urgent need to accelerate the fight against the climate crisis and warned that if the world does not transition away from fossil fuels, it will face a decline. He stated that the world has only taken “baby steps” in addressing the effects of climate change and called for a serious acceleration of actions. Stiell highlighted that this year has been the hottest on record and that the consequences of climate change are already affecting people’s lives and livelihoods. He stressed that the world is standing on the edge of a cliff and has two options: acknowledge the current shortcomings, adopt new practices, and transition to a sustainable energy system, or face a decline and pay for it with people’s lives. Stiell emphasized the importance of a fair transformation where all segments of society benefit equally from the opportunities presented.
ESG Risks:
– Climate Change Impact: The article highlights the urgent need to address the effects of climate change and transition away from fossil fuels. Failure to do so poses risks to the environment, society, and the economy.
– Financial Risks: The transition to a new energy system and the financing of losses and damages associated with climate change pose financial risks for companies and investors.
– Reputation Risks: Companies and investors that do not take sufficient action to combat climate change may face reputational risks in the face of growing societal and stakeholder expectations.
– Legal and Regulatory Risks: The German Supply Chain Due Diligence Act is specifically mentioned, indicating potential legal and regulatory risks for companies operating in Germany or having supply chains linked to the country.
Vulnerable Groups:
The article does not explicitly mention any vulnerable groups.
Organizations:
– United Nations Framework Convention on Climate Change (UNFCCC): Simon Stiell, the Executive Secretary of UNFCCC, delivered the speech and emphasized the urgency of climate action.
– United Arab Emirates: The country chaired the 28th Conference of the Parties (COP28) of the UNFCCC.
Regions:
The article does not specify any affected localities, cities, or countries.
Sectors:
The article discusses the need for a transition to a new energy system, indicating relevance for the energy sector. However, the specific sectors affected by the risks mentioned are not explicitly stated.
Keywords:
Climate crisis, fossil fuels, fight against climate change, COP28, UNFCCC, baby steps, climate change effects, decline, transformation, fair, urgency, financial risks, reputation risks, legal risks, regulatory risks, German Supply Chain Due Diligence Act, vulnerable groups, United Nations, United Arab Emirates, new energy system, transparency reports, finance target, National Contribution Declarations (NDCs), global temperature increase, youth, civil society.