Compared with COP26, COP27 was a disappointment
The war in Ukraine, the global cost of living crisis, and the rise of trade wars are deglobalizing the sustainability agenda, according to GlobalData, a leading data and analytics company.
Robert Pritchard, Senior Analyst for Enterprise Technology and Services at GlobalData, said: “Compared with COP26, COP27 was a disappointment, but it must be viewed in the context of a turbulent political, economic, and social world. Long-term sustainability approaches are tending to fragment because of this and are now more focused on specific trading blocs and alliances. The most notable is being led by the EU, which just approved its Corporate Sustainability Reporting Directive (CSRD) and is likely to continue to set global standards for environment, social and governance (ESG) over time, but momentum has stagnated since last year.”
Fundamentally, all informed enterprises, consumers, politicians, regulators, investors, and employees tend to lean towards the consensus that environmental change is a fact of life and a threat to the planet. The journey towards limiting the global temperature rise to 1.5°C is widely accepted, it is just that there are stones in the road now.
Pritchard concludes: “In some ways it’s ironic that the deglobalization trend and the move to ‘friend-shoring’ of supply chains might prove beneficial in terms of limiting environmental impact, but ongoing leadership and commitment are required from political and enterprise leaders, as well as consumers. There is a lot of verbal support, but actions speak louder than words – and there is no planet B.”