A group of international business leaders representing more than 1 trillion USD wrote a letter to the Finance Ministers of the Group of Seven (G7) calling for global emissions reductions.
Specifically, the 120 signatories of the letter would like to see the G7 support a long-term global emissions reduction goal in the Paris agreement, and the submission of short to medium-term national emissions pledges and country level action plans. As institutional investors, they note that an agreement in Paris will support the transition to a low carbon future and give investors clarity by reducing policy risk, incentivizing research and development, facilitating the deployment of new technologies, and creating jobs. However, this transition requires investments that will only be seen once there are “well-designed policies that shift incentives from high to low carbon and climate resilient investments and ensure the deployment of available technologies, while achieving a just transition for workers and communities.”
The letter was released on Monday (May 25) after the conclusion of the Business and Climate Summit in Paris, where 25 networks representing more than 6.5 million companies from over 130 countries called for policy action. According to UN Secretary-General Ban Ki-moon, the overwhelming attendance at the summit shows that “business leaders are now in the vanguard of the movement to take climate action.”
This letter echoes the message delivered by the B Team in February, a group of international business leaders who submitted an open letter to Christiana Figueres, Executive Secretary of the UNFCCC, calling for both governments and businesses to commit to net-zero greenhouse gas emissions by 2050.
(Image: Business & Climate Summit, Paris, May 21, 2015. Photo credit: Business & Climate Summit/Flickr)