The current administration has issued a memorandum announcing its intent to exit over sixty UN organizations. Included among these are major UN groups aimed at combating global climate change. Both the UN Convention on Climate Change (UNFCCC) and Intergovernmental Panel on Climate Change (IPCC) are among the groups the US intends to abandon. While it is disheartening to see the administration write off the threats posed by climate change, there is some good news. Many UN climate programs have made strides since their creation and are so widely adopted that the US’s departure is unlikely to severely impact their operations. A recent article in Carbon Brief explores this, quoting Dr. Joanna Depledge an expert on global climate negotiations:
“International climate cooperation will not collapse because the UNFCCC has 195 members rather than 196. In a way, the climate treaties have already done their job. The world is already well advanced on the path to a lower-carbon future. Had the US left 10 years ago, it would have been a serious threat, but not today. China and other renewable energy giants will assert even more dominance.”
This is another move by the US that puts it out of sync with the global community. Companies should consider how the government’s approach to climate change, or the lack thereof, may impact them. Risk management is more important than ever. With the administration taking no steps to curb or mitigate the impacts of climate change, the work of protecting assets from climate risks falls squarely on asset owners.
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