Few success stories came out of this year’s COP. Nevertheless, we’ve compiled COP29’s five (very modest) achievements and five of its most notable failures.
On November 12, 2024, the Hague Appeals Court overturned a landmark 2021 decision ordering oil giant Shell to reduce its greenhouse gas emissions 45% from 2019 levels by 2030.
On October 17, 2024, Ontario’s Court of Appeal sided with a group of young climate activists in its Mathur v Ontario decision, reviving a case against the province which was previously dismissed in April 2023.
On October 9, 2024, the Canadian government announced that it will establish a “Made-in-Canada” sustainable investing taxonomy, and institute mandatory climate disclosure requirements for large, federally-incorporated private companies.
On July 31st, Ireland’s Supreme Court held that the Irish government’s current climate plan failed to meet the requirements set out in the statutory Climate Action and Low Carbon Development Act of 2015. The ruling will require the government to (a) revise its plan to realise greater near-term emission reductions, and (b) better specify how Ireland will achieve the Act’s long-term objective of net zero carbon emissions by 2050.
On June 23, 2020, the US Department of Labor proposed regulations to prohibit private industry pension plans, governed under the Employee Retirement Income Security Act (ERISA), from investing in ESG investment vehicles if doing so would prioritize non-financial objectives over purely financial ones (i.e., increasing returns for plan beneficiaries).
