As the world’s key climate decision makers gather in Belém, Brazil, investors find themselves asking a question that has become all too familiar. With the US’s inconsistent climate leadership and ESG increasingly becoming a major political and ideological flashpoint, does COP still matter to markets and investors in a meaningful way?
For insurers, the question is grounded in practicality, as they look for any clues that may affect long-term capital allocation decisions, the regulatory environment or fiduciary responsibilities. But have successive COPs become more symbolic than substantive?
The truth is somewhere in the middle. COP holds significance as the only global forum where governments, businesses and civil society can meet to negotiate the rules that shape long-term climate and economic stability.
That matters, particularly given that COP is the only occasion where key individuals from across the global north and global south can gather to discuss matters of global importance.
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