Other Notable Developments
Corporate Climate Targets: Climate Impact Partners published its sixth Annual Report assessing climate commitments by Fortune Global 500 companies, finding that 45% of companies plan to be net zero by 2050, up from 39% last year and 8% in 2020.
U.S. NDC: A coalition of climate campaigners published a proposal for a U.S. “fair share” Nationally Determined Contribution, which is required by 2025 under the Paris Agreement.
Global: Pacific Island States Submit ICC Proposal for Recognition of Ecocide as a Crime
On September 9, 2024, three Pacific Island countries formally requested that the International Criminal Court (“ICC”) recognize ecocide as an international crime. The request defines ecocide as “unlawful or wanton acts committed with knowledge that there is a substantial likelihood of severe and either widespread or long-term damage to the environment being caused by those acts.”
The request, submitted by Vanuatu and co-sponsored by Fiji and Samoa, seeks to amend the Rome Statute, which currently allows for the prosecution of genocide, war crimes, crimes against humanity, and the crime of aggression. If the proposal is successful, individuals could be prosecuted by the ICC for acts of ecocide.
Vanuatu first called for the inclusion of ecocide as an international crime at the ICC’s 2019 annual assembly. Since then, several countries have taken steps to include ecocide in their laws. Earlier this year, Belgium became the first European country to pass a law that recognizes ecocide as an international crime. The Belgian law aims to prevent and punish severe cases of environmental degradation. Other countries, including Brazil and Mexico, have also proposed ecocide-related bills.
ICC member states will discuss Vanuatu’s proposal in the coming months. There is no time restriction on the length of the review period.
Link:
Stop Ecocide International Press Release
Global: Investor Coalition Urges Governments to Facilitate Capital Flows to Address Climate Change
On September 17, 2024, a group of 534 investors and their representatives—representing over $29 trillion in assets under management—released a joint statement calling on governments worldwide to adopt policies designed to accelerate flows of public and private capital necessary for the net-zero transition. The 2024 Global Investor Statement to Governments on the Climate Crisis (the “Statement”) notes that governments must support investors’ efforts to transition to net zero effectively and at scale by creating appropriate legal, policy, and regulatory conditions. It notes several positive steps already taken by governments (including the U.S. Inflation Reduction Act) but urges additional action in areas including financing for emerging markets and developing economies.
In particular, the Statement calls for a “whole-of-government” approach to implementing comprehensive policies to limit global temperature rises to 1.5˚C. The Statement contains five specific “Investor Asks” of governments to achieve this, covering areas such as implementing sectoral transition strategies (particularly in high-emitting sectors), addressing nature, water, and biodiversity-related challenges arising from and contributing to climate change, and ensuring obligatory climate-related information disclosure across the financial system.
The Statement will remain open for signing by additional investors until November 1, 2024, when it will be presented to governments at the UN Climate Conference (COP29) in Baku, Azerbaijan.
Links:
Statement
Press Release
EU: The Hague Bans Street Ads for Fossil Fuels from January 2025
On September 12, 2024, the Hague’s Municipal Council voted to ban street advertising for fossil fuels. The prohibition will apply to billboards and freestanding advertising screens. The Hague’s ban outlaws advertising of fossil fuel products and services with a high carbon footprint but does not cover political advertising by the fossil fuel industry or advertisements that promote a general brand.
The ban follows a call by UN Secretary-General Antonio Guterres in June 2024, urging governments to ban advertising from fossil fuel companies. The Hague is the first city to enact such binding legislation. Other cities, including Amsterdam and Edinburgh, have previously tried to limit the reach of high carbon products and services through council motions or voluntary agreements with advertising operators.
The ban takes effect in January 2025.
Link:
Press Release
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