Spark Newsletter – November 2024
This month’s newsletter takes a look at:
COP29: Financing climate action
The?29th?Conference of Parties, COP29,?is currently being held in Baku, Azerbaijan, through November 22, 2024.?It is taking place?in what is now known as the?hottest year on record,?with temperature?increases?that?have?surpassed the 1.5°C goal?of the Paris Agreement.?
The primary goal of COP29 is to accelerate global efforts to combat climate change. It will build upon the insights of the Global Stocktake (GST), a comprehensive review of progress toward the?Paris Agreement?that took place last year at COP28.?The GST outlines all points under negotiation and serves as a basis for nations as they develop their climate action plans.
Climate finance is the centerpiece of COP29,?and a point of discussion will be the balance between mitigation and?adaptation. It will likely call upon countries to submit more ambitious Nationally Determined Contributions (NDCs) and will address the equity and fairness aspects of NDCs by looking at how the burden of climate action should be shared among countries.?
Another focal area is the concept of “just transition,” meaning that the shift toward a low-carbon economy should not create new injustices and any burdens associated with climate action should be distributed fairly.?Ultimately, COP29 aims to advance the implementation of transition strategies that help ensure the fight against climate change is also a fight for social justice and equity. ???
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Understanding and preparing for the CSDDD
The EU’s Corporate Sustainability Due Diligence Directive (CSDDD) is now in force, creating due diligence responsibilities for certain companies doing business in the EU. Companies that are in scope are required to have a sustainability due diligence policy. In addition, they must manage and mitigate adverse environmental and human rights impacts across their operations and value chain.
Noncompliance could lead to significant penalties. The CSDDD also includes civil liability provisions, which means a business could potentially be liable to pay full compensation for any damage caused to a person because of its failure to comply with the directive.
The CSDDD marks a milestone in the EU's commitment to sustainable business practices. Affecting certain EU companies as well as non-EU companies with a presence in the EU, the directive mandates that they:??
Once the CSDDD is fully implemented, companies will face increased scrutiny from a wide range of stakeholders. Good preparation, enhanced visibility into their operations and supply chains, data-based decision-making and strategic partnerships will be key for compliance with the directive.??
Given the CSDDD’s complex requirements, companies should start preparing now.?Learn more about the scope, core obligations, implementation timeline.
Now in its ninth year, the Sphera Process Safety Report annually provides a snapshot of the current state of PSM and ORM, providing insights on the challenges, trends and opportunities. The 2024 report shows about two-thirds (66%) of respondents still perceive gaps between their companies’ process safety goals and reality. This has remained virtually unchanged since early surveys. Digital tools are now available that can help bridge the gap, yet adoption has stalled.
We hope you found this issue of the Spark Newsletter to be informative and insightful. Between issues, you can keep current with the latest from Sphera by following us on LinkedIn or by visiting us at sphera.com.
The information provided in this newsletter is for general information purposes only, may not be updated in real time and does not constitute legal advice.?Please consult with your legal and other advisors to discuss your particular needs and circumstances.