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Phone: +353 (1) 6477900
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Email: info@bannon.ie
What is a COP?
The United Nations (UN) annual climate change conference, also known as the ‘Conference of the Parties’ or ‘COP’, brings together world leaders, ministers, and negotiators to agree on how to address climate change.
Since 1995, almost every member nation on Earth has come together in a different country each year, except for 2020.
The UN describes the COP as “the supreme decision-making body” of the United Nations Framework Convention on Climate Change (UNFCCC). It includes representatives of all the countries that are signatories, known as parties, to the UNFCCC. During each COP, the parties review the progress towards the overall goal of the UNFCCC: to tackle climate change.
The negotiating parties include governments that have signed the UN Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol and/or the Paris Agreement. The COPs are also attended by thousands of representatives from civil society, the private sector, international organisations, and the media.
Why is this conference called COP28?
COP28 stands for the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change
Where will COP28 be hosted?
The COP is hosted by a different country each year. COP28 will be hosted by the United Arab Emirates (UAE) and will take place between 30 November–12 December 2023 in Dubai.
Why is COP28 important?
It is hoped COP28 will help keep alive the goal of limiting long-term global temperature rises to 1.5C. This was agreed by nearly 200 countries in Paris in 2015. The 1.5C target is crucial to avoid the most damaging impacts of climate change, according to the UN’s climate body, the Intergovernmental Panel on Climate Change (IPCC).
Long-term warming currently stands at about 1.1C or 1.2C compared with pre-industrial times – the period before humans started burning fossil fuels at scale. However, the world is on track for about 2.5C of warming by 2100 even with current pledges to tackle emissions. The window for keeping the 1.5C limit in reach “rapidly narrowing”, the UN says.
UN Secretary-General Antonio Guterres called for the COP28 talks and agendas to close the climate ambition gap. He also stated that “Leaders can’t kick the can any further. We’re out of road,” condemning a “failure of leadership, a betrayal of the vulnerable, and a massive, missed opportunity. As the reality of climate chaos pounds communities around the world – with ever fiercer floods, fires, and droughts – the chasm between need and action is more menacing than ever.”
What are the key issues to watch at COP28?
- COP28 is important for several reasons, not least because it marks the conclusion of the first Global Stocktake (GST), the main mechanism through which progress under the Paris Agreement is assessed.
- Getting the loss and damage fund (established at COP27) up and running and agreeing on a framework for the Paris Agreement’s Global Goal on Adaptation (GGA).
- Other issues that are likely to receive much attention, and which may be reflected across several negotiating streams, include energy transition and food systems transformation.
- Discussions and negotiations on climate finance.
For more information on COP28
https://news.un.org/en/story/2023/11/1143567
Bannon Office Pulse – November 2023
Bannon’s latest Dublin Office Market Pulse is now live.
In this publication Lucy Connolly looks at the evolving landscape of the Dublin Office Market and the factors that have influenced the sector in 2023.
To view the full report, please click here.
Residential Zoned Land Tax (RZLT) Update
Among the recently announced package of fiscal measures introduced by the Government as part of Budget 2024 was a 12-month deferral of the Residential Zoned Land Tax (RZLT). The tax liability, which was due to be paid by landowners as and from 1st February 2024, will not now fall due until February 2025. The RZLT equates to an annual liability equal to 3% of the market value of land which is deemed suitable for residential development.
While the 12-month deferral will no doubt be a welcome development by liable landowners they will face a choice as to the future prospects for their property. Among others, the Bannon Development Land Team has identified three fundamental options open to impacted landowners:
1. Dispose of the land
2. Seek a re-zoning of the land via the Local Authority
3. Undertake residential development.
Under the third option, the RZLT liability will only cease to accrue when completed residential units are delivered and will continue to be incurred during the construction phase.
While the option to seek a re-zoning from residential uses will ultimately result in the tax liability being removed it will also result in a significant diminution in the value of the land. This may not be such an issue for certain owners such as farmers whose primary interest is working the land. However, the vast majority of landowners may be very reluctant to actively seek to diminish the value of their property via rezoning.
Whatever the ultimate course of action it is clear that a lot of important decisions will need to be made by landowners impacted by RZLT in 2024. If this impacts you, talk to the team today to start planning your strategy early.
Author: Niall Brereton, Director, Bannon
Date: 14th November 2023
Swords Pavilions Shopping Centre at the Pakman Awards
Huge congratulations to Ian Hunter and the team in Swords Pavilions Shopping Centre on their win at the Pakman Awards. The team are now officially industry leading! The first shopping centre to win this award and a reflection of all the hard work in the centre.