As you’ll know, sustainability is one of our top priorities. This means taking action in line with the United Nations (UN) Sustainable Development Goals to protect the environment and invest in our communities and people to deliver positive impact – not just for today, but for the long term. An important part of this is keeping a close eye on anything that comes out of the UN, including the COP…
COP stands for Conference of the Parties. The UN Framework Convention on Climate Change (UNFCCC) brings together 197 nations and territories – called ‘Parties’ – including all United Nations (UN) member states. COP is sometimes also referred to as the UN climate conference and the climate talks. They’re all names used to describe the same thing: a yearly conference for world leaders, hosted by the UN, to come together to discuss and agree solutions to the climate crisis and its impacts.
This year is the 26th round of climate talks, hence COP26. The UK will be assuming the COP26 Presidency, in partnership with Italy, and they’ll take place between 31 October and 12 November 2021 in Glasgow.
So, what does COP mean for us?
There are major reasons why we should pay attention to COP26:
- New regulations – we’re likely to see shifts in the expectations of voters which will lead to new regulations
- ESG reporting – we’ll see a drive for even greater transparency and disclosure regarding our Environmental, Social & Governance (ESG) reporting requirements
- Green finance – the green finance market will boom and capital will increasingly flow towards greener companies
- Consumer shifts and revenues – we’ll see a growth in public awareness of the climate crisis and this will influence consumer expectations and behaviours which will impact our revenues
- Innovation and opportunity – advancing technology, rising regulatory risks for high-emission assets, the falling cost of capital for green investments will mean more innovation and create new opportunities for businesses
Our own sustainability agenda supports the United Nations Sustainable Development Goals and is made up of several important priorities, including our commitment to addressing climate change and defining our path to decarbonisation. You can find out more about our Carnival Corporation Goals and Aspirations here.
We’ll continue to share progress on our sustainability agenda so please keep an eye out for further updates.