Shaken Not Burned

Highlighting changemakers and solutions

Glossary - Conference of the Parties (COP)

COP stands for the meeting of all states that are signatories of the United Nations Framework Convention on Climate Change (UNFCCC). It takes place every year and is an opportunity to review progress on climate change and agree on new measures. Its presidency and its location rotate every year: the next one will be COP29 in Baku, Azerbaijan.

COP can also refer to the meetings of other governing bodies. Two other important appointments for the environment this year will be the UN Convention on Biological Diversity (UNCBD) COP16 in Colombia, targeting nature and biodiversity, and the United Nations Convention to Combat Desertification (UNCCD) also COP16, happening in Saudi Arabia.

Busting a myth - Biodiversity is not an issue for my business.

While some industries – e.g. energy, mining or forestry – have an obvious relationship with biodiversity and the natural world, others are far more subtle. But almost every business is at least partially dependent on natural services like pollination or access to fresh water supplies.

Even the unlikeliest companies, such as those offering nothing but online services, have indirect impacts on nature through the electricity they consume, the construction of data centres, the footprint of their clients and any waste they produce. This is why it is in everyone’s interest to conserve and restore natural ecosystems. It is a shared responsibility for a common good, and we must all play our part.

What we’ve been reading this week

• New research from Market Forces has revealed that Australia’s largest 30 funds have invested over AUD$39 billion in “climate wrecking” companies over the past 2 years, compared to just AUD$7.7 billion channelled into clean energy companies. Almost 200 corporations, including Adani Group, ExxonMobil and BHP were identified as “climate wreckers” and yet their investment had doubled since December 2021. On the surface level, this is a terrifying signal of support for our planet’s continued destruction. But it is also worth remembering that the money being invested is the savings and pensions of real people, and dangerously exposed to the material risks of unsustainable industries.

• Berlin-based Cloover has raised €105 million in seed funding to accelerate the growth of its renewable energy operating system. Cloover’s software connects all relevant stakeholders, including installers, prosumers, manufacturers, energy providers, and investors. By removing the barriers between different parties, it hopes to streamline the process of planning, financing, development, installation and bringing new resources online. Its oversubscribed funding round was led by Lowercarbon Capital, with participation from previous investors including 9900 Capital and QED. The funds will be used to refine its installer software and strengthen its sales, payments and financing abilities.

• Yesterday, the Inter-American Court of Human Rights (IACHR), which has jurisdiction over 20 Latin American and Caribbean countries, held the final hearing of its biggest climate litigation case to date. The case involves more than 600 participants, including Indigenous groups, civil society, scientists, and one company The IACHR hopes to issue its advisory opinion by the end of the year, setting an important precedent on the legal responsibilities of businesses and governments to combat climate change.

• The EU has officially adopted its Net Zero Industry Act (NZIA), lauded as its response to the US’ Inflation Reduction Act. As part of the Green Deal Industrial Plan, the NZIA will introduce a swathe of new measures and incentives to encourage the development, manufacturing and commercialisation of clean technologies within the bloc’s borders. But with far-right parties expected to gain up to 50 new seats in the forthcoming Parliamentary elections, we will have to hope that the NZIA can hold firm against likely backlash.