COP28 – the World’s Meeting on Climate Change

Date20th December 2023

From November 28 to December 13, representatives from countries around the world convened in Dubai, United Arab Emirates for the 28th session of the Conference of the Parties (COP) of the United Nations Framework Convention of Climate Change (UNFCCC). Finity Principal and Climate Practice leader, Rade Musulin, attended as the Head of the International Actuarial Association delegation to attend the United Nation’s climate conference.

What is the significance of COP28?

Since 1995, each year the United Nations convened the Conference of the Parties, bringing together leaders and communities from across the world to address and discuss our progress in tackling climate change. COP is the main body that is responsible for monitoring and reviewing agreements such as the Paris Accords.

This year the topics of discussion included the Paris Agreement, the world’s current trajectory on climate target paths, global stocktake, the impact of climate change on healthcare and financial sectors, and how (ISSB) reporting standards must be updated to include carbon disclosure and sustainability.

In this new episode of the Finity Podcast, Finity’s Calise Liu sits down with Rade Musulin, as he takes us through his key takeaways and insights from COP28 as it relates to the Australian General Insurance Industry.

Our podcast is available to listen to on Spotify and Apple Podcasts.

Topics Rade covers include:

  • The transition of the global economy's energy infrastructure away from fossil fuels to clean and sustainable sources, and its implications

  • Insights from the World Meterology Organization (WMO) and their session on the State of the Global Climate Report

  • The “Phasing Down or Phasing Up” report from the UNEP, discussing fossil fuel use and emission trends

  • Sector finance groups helping ‘fill’ funding gaps for adaptation activities

  • Agriculture details insurance and their role in production stabilisation

  • How more focus on reporting standards (including sustainability and carbon disclosure) is impacting health and insurance systems 

More about

Listen to the podcast on Spotify

Listen to the podcast on Apple Podcasts

Further reading and resources

The Production Gap Report 2023, “Phasing Down or Phasing Up?”, contrasting governments’ planned fossil fuel production and what would be consistent with limiting warming to 1.5C or 2C. (https://www.unep.org/resources/production-gap-report-2023).

The UNEP’s Emissions Gap Report 2023, “Broken Record – Temperatures hit new highs, yet world fails to cut emissions (again)”. (https://www.unep.org/resources/emissions-gap-report-2023).

The UN’s Water Action Agenda. (https://sdgs.un.org/conferences/water2023/action-agenda).

The UNEP’s Adaptation Gap Report 2023, “Underfinanced. Underprepared – Inadequate investment and planning on climate adaptation leaves world exposed”, discusses where the world stands on funding adaptation measures needed to address protection against the effects of global warming. (https://www.unep.org/resources/adaptation-gap-report-2023).

The NGFS “NGFS Climate Scenarios for central banks and supervisors - Phase IV”, showing updated scenarios reflecting he latest climate and economic data. (https://www.ngfs.net/sites/default/files/medias/documents/ngfs_climate_scenarios_for_central_banks_and_supervisors_phase_iv.pdf).

The World Meteorological Organization’s global climate review, “The Global Climate 2011-2020: A decade of acceleration”. (https://wmo.int/publication-series/global-climate-2011-2020-decade-of-acceleration).

The Global Climate Initiative’s “Global Landscape of Climate Finance 2023”. (https://www.climatepolicyinitiative.org/wp-content/uploads/2023/11/Global-Landscape-of-Climate-Finance-2023.pdf).

The Australian government’s “Australian Green Economy Prospectus”. (https://www.globalaustralia.gov.au/sites/default/files/2023-12/ATIC_Australian_Green_Economy_Prospectus_0.pdf).