This week sees the much-needed regrouping of world leaders in Glasgow for COP 26 where the fate of our planet quite literally hangs in the balance. With the last COP (25) in Copenhagen billed as a failure and no summit (as scheduled) last year due to Covid, the pressure is on for collective action and solidarity. The focus will be on nationally determined contributions, essentially each country’s roadmap for keeping global warming under 2 degrees centigrade, however our hope is that the focus remains here and avoids a shift to a finger pointing exercise for those larger and more developed countries not attending such as Brazil, Mexico, Russia and Japan.
A positive agreement to come out of Copenhagen was a 100 billion dollar spend by 2020 from developed countries to undeveloped countries to assist with migration and adaptation to climate change, ensuring an equal and fair transition. Unfortunately, this target has not been met, with the OECD reporting an 80 billion dollar spend.
We hope to see real commitment from all developed countries to meet that 100 billion dollar mark, that doesn’t seem unjust given inflation since the last commitment in 2009. Ultimately those with the biggest emissions should be setting the moral pace, we are all responsible however an agreement of solidarity to encompass the most vulnerable together with a long term vision is a must. Serious reduction plans from all countries together with how they intend to measure and monitor those plans/targets in a collective way is perhaps a utopian expectation, yet not unrealistic.
We’d love to see a reason to celebrate post COP 26, watch this space to hear our reflections on the summit.
Recently, there has been a series of regulatory fines and public statements across Guernsey, Jersey and Malta primarily for shortcomings in respect of Corporate Governance, including the application of timely and effective compliance monitoring and appropriate AML/CFT controls
Our Compliance Associate, Alexander Richards, provides a summary on the importance of Horizon Scanning for organisations