The sustainability lens has shifted due to backtracking and the Trump factor. But much adjustment was justified. Energy security has forced itself onto the agenda and not just due to events in Ukraine and the Middle East – “anywhere there are geopolitical tensions, there tends to be an underlying energy element to it”, says Marc.
Other issues include supply chain disruption, as underlined by the Strait of Hormuz choke point, and a lack of resilience in adjusting to an overheating world.
To ensure a successful Cop31, progress has to be made on these fronts. It should include supports for adaptation in the form of climate finance for developing countries. Taff “must be tied into these three things” and the trifecta of affordable, secure and clean energy applied.
The definition of sustainability within business has become more concentrated on risk, Aboud adds. This can include managing reliance on fossil fuels amid price volatility, and sourcing difficulties and vulnerability to extreme weather events, such as a factory located on a flood plain.
On a more positive note, it is about availing of the opportunities from the transition. If these are facilitated by Cop31, including availability of green bonds to support investment, it will be a good outcome, he says.
Content adapted from The Irish Times.
