• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
        CPA Ireland student
      • Exams
        CAP1 exam
        CAP2 exam
        FAE exam
        Access support/reasonable accommodation
        E-Assessment information
        Exam and appeals regulations/exam rules
        Timetables for exams & interim assessments
        Sample papers
        Practice papers
        Extenuating circumstances
        PEC/FAEC reports
        Information and appeals scheme
        Certified statements of results
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Admission to Membership Ceremonies
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        Student benefits
        Study in Northern Ireland
        Events
        Hear from past students
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        CPA student
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
      • Support & services
        Becoming a student FAQs
        School Bootcamp
        Register for a school visit
        Third Level Hub
        Who to contact for employers
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Newly admitted members
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        ACA Professionals
        Careers development
        Recruitment service
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Practice Consulting services
        Practice News/Practice Matters
        Practice Link
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Sustainability Centre

☰
  • Sustainability home
  • About
  • Resources
  • News
  • Home/
  • Sustainability centre/
  • News/
  • News item

COP29 - The Money COP

Nov 12, 2024

 

COP29 – the 2024 Climate COP - gets underway this week. World leaders, policy-makers, diplomats and activists will converge on Baku, Azerbaijan, to discuss the world’s progress towards the goals of United Nations climate treaties.  

The Climate COP is the most significant event on the global climate calendar.  

 

What is COP? 

COPs stand for ‘Conference of the Parties’, i.e. the countries that have agreed to participate in and be bound by the UN treaties.  

COPs are the main decision-making bodies of the United Nations treaty bodies. For example:  

  • Climate COP: the summit of countries that have signed the United Nations Framework Convention on Climate Change treaty (UNFCCC). COP29 is taking place in Baku, Azerbaijan in November 2024.  

  • Biodiversity: the summit of countries that have signed the United Nations Convention on Biological Diversity (CBD). COP16 took place in Colombia in October 2024  

  • Desertification: the summit for signatories to United Nations Convention to Combat Desertification (UNCCD), which aims to accelerate action on land and drought resilience through a people-centred approach. COP16 will take place in Saudi Arabia in December 2024  

 

Why do COPs matter to business?  

While the summits have been criticised for being ‘talking shops’, COPs serve to restate the importance of tackling the crises caused by climate change, biodiversity collapse and desertification that affects businesses and citizens worldwide.  

What is decided at COP filters down to organisations through legislation and policy, like Europe’s EU Green Deal, Ireland’s Climate Action Plans, through investors’ continued demands for projects that are aligned to climate targets to meet their own portfolio requirements, and to citizens adapting to the effect of disasters exacerbated by the ongoing climate and biodiversity crises.  

What has happened at previous COPs? 

Previous COPs have led to momentous agreements, the most significant of which was the Paris Agreement in 2015. This Agreement challenged the world to keep dangerous global warming to a level of 1.5° above pre-industrial levels.  

In 2021, at the Glasgow COP, the International Sustainability Standards Boards (ISSB) was announced. Under the auspices of the International Federation of Reporting Standards (IFRS), this board has international support with its work to develop sustainability disclosure standards backed by the G7, the G20, the International Organization of Securities Commissions (IOSCO), the Financial Stability Board, African Finance Ministers and Finance Ministers and Central Bank Governors from more than 40 jurisdictions.  

2021 also saw the formation of the Glasgow Financial Alliance for Net Zero (GFANZ), a global coalition of leading financial institutions committed to accelerating the decarbonization of the economy.  

At COP27 in Egypt, a new loss and damage fund was set up for those countries most severely impacted by the effects of climate change (floods, drought, desertification, and land loss due to rising sea-levels) and COP28 last year saw the ‘global stocktake’, required under the Paris Agreement to assess progress made since 2015 and show what needs to be done to address gaps by 2030. 

This COP will be significant for finance, as the focus of negotiations will be the setting of a new finance target for tackling climate change. The New Collective Quantified Goal, or NCQG, will replace a goal initially agreed in 2009, when developed nations pledged to provide $100 billion annually in climate financing for developing countries. 

 

Did you know?  

The first Climate COP  – COP01 – was in Berlin in 1994. It was presided over by the-then Environmental Minister, Angela Merkel. 

 

Articles 

  • Battle lines drawn on climate finance ahead of COP29 (Financial Times) 

  • The Irish Times view on Cop29: climate policy must not be pushed into the background (The Irish Times) 

  • The COP29 climate summit is facing big decisions for the world - sign up for our newsletter (The Journal) 

 

Podcast 

A Preview of COP29: What Business Leaders Should Know with Outrage & Optimism Co-hosts (Climate Rising) 

Explainers 

  • A guide to COP29 climate jargon (RTÉ)

  • Why Cop29 matters to you, Ireland and the world despite Trump ‘whiplash’ (The Irish Times) 

  • The NCQG: What is it and why does it matter? (World Economic Forum) 

 

 

 

Was this article helpful?

yes no

The latest news to your inbox

Please enter a valid email address You have entered an invalid email address.

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.