This event was held on 18th May 2022 at Birkbeck University.
This was an entertaining event which at the same time conveyed an urgent message about climate change, from Grandees of the City and academics from Birkbeck College, organised by Alderman Professor Michael Mainelli and Catherine Griffiths.
Alderman Professor Emma Edhem (Chair), provided a “Legal perspective” on the international collaboration required to structure and meet the challenge. SMEs globally represent 53% of jobs and 90% of businesses. A strong message for LCAG where the involvement of a single Livery Company may not be sizeable, but as a collective agreement in partnership we will have a significant impact with our net-zero agenda for the Square Mile.
The key takeaways from Dr. Karin Shields on “Management and Sustainability Reporting” were that sustainability reporting can save the world but needs to be industry led and needs to measure the impact of climate change. The current regulatory standards are focussed on disclosure to meet the needs of investors through ESG Investing, IPCC, IFRS, etc. (see Notes below)*
Peter Drucker is often quoted as coining the phrase: “What gets measured gets managed”. In fact, his message was different: “What gets measured gets managed — even when it’s pointless to measure and manage it, and even if it harms the purpose of the organisation to do so”.
With a mix of humour and judicial insight, Professor Stewart Mutha talked about “Law and Responsibility of Future Generations”. We are now in the Anthropocene Age which means “persons and things”. The law is changing to enable “things” to bring a legal charge. Now animals, nature are bringing law suits to the courts arguing, through their legal representatives, that lakes, rivers, animals have a legal standing in being harmed and require compensation. He argued that it is a duty to future generations to consider cross-border harm to our environment.
Dr Simon Pooley, in his talk on “ The Wicked Problem of Wildfires” explained there is no simple way to measure biodiversity as wildfire causes are anthropogenic, caused by accidents, poor buildings but also natural causes with hotter drier climates. A complex problem which cannot be solved with simple measures.
In the Q&A. the question was raised: Do we need a Climate Change Crimes Commission? Philippe Sands QC has drafted an international environmental law on biodiversity but it will need all Member States of COP26 to sign up. This is work in progress.
*Notes
SME: Small to Medium Enterprises, usually less than 50 employees
IFRS: sets globally accepted accounting standards and will include sustainability disclosure standards
ISSB: International Sustainability Standards Board.
SASB: Sustainable Accounting Standards Board. Disclosure standards across ESG topics
ESG: Environmental, Social and Governance
TCFD: The Task Force on Climate-related Financial Disclosures
IPCC — Intergovernmental Panel on Climate Change. The United Nations body for assessing the science related to climate change.
Photos from the Event
