With only a few months to go until the United Nations’ COP 21 Summit in Paris, members of the international business community are continuing to urge national governments to signal their clear commitment to achieving emissions reductions that would limit global average temperature rise to 2 degrees Celsius (2ºC).
25 worldwide business networks – representing more than 6.5 million companies over 130 countries – gathered together in Paris last week for the Business & Climate Summit 2015. They called on governments to reach a global climate deal at this year’s United Nations’ COP 21 Summit in Paris that would see the emissions trajectory peaking around 2020 and globally achieve net zero emissions well before the end of the century. They also pledged to lead the global transition to a low-carbon, climate-resilient economy in the business sector. The worldwide business networks include those such as the International Chamber of Commerce, World Business Council for Sustainable Development, the Consumer Goods Forum, We Mean Business, and the Institutional Investors Group on Climate Change.
Business leaders in attendance called upon policymakers to leverage public funds and private sector finance towards low-carbon assets; to introduce carefully designed, robust and predictable carbon pricing; and to eliminate fossil fuel subsidies. They also urged national governments to submit clear plans for achieving emissions reductions and to show a higher level of ambition in their Intended Nationally Determined Contributions (INDCs), with attendees stating that they would actively support leadership from policymakers who set clear frameworks to accelerate investment and deployment of climate solutions.
You can read the list of signatories to this business statement in the press release here.
Investors call for long-term emissions reduction goal for Paris
In a further development,120 investor CEOs from around the world managing funds worth more that $12 trillion have written an open letter to finance ministers in the Group of Seven (G-7) ahead of their 26-27th May meeting in Dresden, Germany. The letter calls for a long-term goal to provide investors with policy certainty and a clear direction of travel to achieve a low carbon, climate resilient world. They called for a renewed signal of high-level political commitment from national governments, asking finance ministers to support:
- A long-term global emissions reduction goal in the Paris agreement;
- The submission of short to medium-term national emissions pledges and country level action plans.
You can see the list of signatories and the full text of the letter and here.
These developments show business leaders from all over the world are backing Paris a net zero emissions reduction goal.
Track 0 and The Prince of Wales’s Leaders Group co-hosted the Low Carbon Built Environments Roundtable at the 2015 Business & Climate Summit. The Roundtable brought together high-level experts from the construction, technology and financial industries and asked them to think about how new and existing European buildings could rapidly transition to ‘Net Zero Standards’. See our newsletter for more information.