COP29 Summit: Addressing climate risks and securing future resilience
The United Nations Climate Change Conference (COP29) drew to a close on 22 November after intense debates and clashes involving representatives from nearly 200 countries.
A $300bn a year finance package was eventually agreed to address the disproportionate climate risk burden faced by developing nations, however despite the support tripling the proposed amount, it faced significant protests from developing nations who believe that it falls short of addressing the challenges they face in the coming years. India's representative said: “We seek a much higher ambition from the developed countries” adding that the amount “does not inspire trust that we will come out of this grave problem of climate change.” and the AOSIS (Alliance of Small Island States) and LDCs (Least Developed Countries) Chairman Cedric Schuster said the amount highlighted “what a very different boat our vulnerable countries are in, compared to the developed countries”.[1]
Risks and challenges were outlined by the World Meteorological Organization (WMO) who presented its State of the Climate 2024 report – the latest in a series of reports published every year that gives updates on key climate indicators. The report indicates that 2024 will be the hottest year on record, increased ocean temperatures are fuelling more intense and rapidly developing storms, and predicts that wildfires will increase in intensity and frequency.
Why COP29 matters to business continuity practitioners
Climate risk challenges practitioners as it can affect property, infrastructure, staff-wellbeing, reputation, and global supply chain networks. BCI research found 44.5% of organizations have experienced a moderate or significant impact from climate-related events during the past five years, with supply chain disruptions topping the table of most impacted areas. However, despite this acknowledgment, many organizations continue to view extreme weather events as isolated incidents rather than ongoing and developing threats with half of organizations having no budget for climate risk, a figure that had doubled since the previous year.[2]
Looking ahead, extreme weather and climate change are the second topmost concerns for practitioners over the next 10 years[3] , a reassuring stance given COP29’s warnings about increasingly volatile weather-related events. To address concerns, business continuity practitioners must develop and maintain flexible, up-to-date plans to mitigate the growing risks. Auditing and preparing plans for the organization’s internal operations including facilities, utilities, and staff well-being, alongside how climate events might affect international supply chains, are all steps business continuity practitioners can take to ensure their organization is prepared for disruption. Practitioners would do well to make proactive efforts that ensure top leadership is clear about the current and future significance of climate risks, as this ensures effective resilience efforts are led from the top and necessary budgets and resources are secured to ensure continuity.
This year’s COP29 highlighted not only the disastrous effects of increasing climate change on developing nations but also emphasised climate risk as an escalating source of current and future threats. Going forwards, practitioners must view global adverse weather-related events as increasingly frequent occurrences that pose challenges to all size and sector organizations.
The BCI has recently launched the much-anticipated Horizon Scan 2024 Report, which discusses the short and medium term threats of climate change and adverse weather, explores how global practitioners view the challenges, plus much more. You can download the report here.
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About the author
Rebecca Mathews
The BCI
