COP21 Delegates Agree on Draft Climate Change Agreement
COP21 and Green Bond Market Developments

Businesses and Investors Around the Globe Pledge Actions Alongside their Vocal Support for COP21

Bandza_Alexander_COLOR By Alexander J. Bandza

Money-finance-bills-bank-notesNot only are countless businesses publicly supporting a global climate agreement from COP21 as we previously reported, several businesses and business coalitions are pledging to take operational and strategic actions in advance of such an agreement.  As reported by Ceres, set out below here are a few of the business coalitions and their pledges:

  • American Business Act on Climate Pledge. Group of 154 companies representing $4.2 trillion in revenue, with each company “announcing significant pledges to reduce their emissions, increase low-carbon investments, deploy more clean energy, and take other actions to build more sustainable businesses and tackle climate change.”
  • Breakthrough Energy Coalition. Led by Bill Gates, this group includes more than 20 other billionaires who promise to invest “early, broadly, boldly, wisely and together” on energy generation, storage and efficiency.
  • Oil and Gas Climate Initiative. Group of 10 CEOs of non-U.S. oil and gas companies that agreed to collaborate on R&D, efficiency, natural gas, and carbon capture and storage alongside their support for an “effective” climate agreement.
  • RE100.  Group of 40 companies that have pledged to procure 100% of their electricity from renewable sources by 2020.
  • Renewable Energy Buyers' Principles. Group of 49 companies representing 42 million MWh of electricity demand that are inviting utilities to provide them with renewable energy products so that they may meet their climate and renewable energy goals.
  • We Mean Business. Group of 353 companies (representing $7.2 trillion in revenue) and 160 investors (representing $19.6 trillion in assets under management) that individually agree to commit to one of seven pledges: science-based emissions goals; a price on carbon; 100-percent renewable energy; “responsible corporate engagement in climate policy”; reporting climate change details “in mainstream reports as part of fiduciary duty”; removing deforestation from supply chains by 2020; and reducing “short-lived climate pollution emissions.”
  • World Economic Forum CEOs Letter. Group of CEOs from 78 companies and 20 economic sectors representing $2.1 trillion in revenue that volunteer to reduce their footprints and incorporate climate risks into decisions.

Furthermore, today at COP21, nearly 400 business leaders gathered at the Lima-Paris Action Agenda Focus on Business to discuss “all contributions by business and investors,” with particular emphasis on “commitments around concrete, cross-cutting solutions that impact the entire strategic management of a company.”  U.S. Secretary of State John Kerry gave a special address on the “American Business Act on Climate Pledge.”  The agenda is available here.